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What is

The Nexo platform is constantly growing in popularity. It allows you to obtain a GUARANTEED passive income of 8% per year on the deposited funds. This annuity is paid daily, and the funds are insured up to $ 100 Million. This is thanks to the partnership with BitGo, a custodian service that has integrated insurance provided by Lloyd’s.

Another interesting feature of the platform is renting both Cryptocurrencies (currently only stable coins) and FIAT coins (also Euros).

As with Celsius Network, also, in this case, the interest is accrued thanks to debtors, interested in borrowing our liquidity and willing to pay interest on it.

Platforms of this type are defined as CeFi (Centralized Finance) instead of those of DeFi (Decentralized Finance). The underlying mechanism is the same, but decentralization is what makes the difference.

Nexo: Passive Income on Cryptocurrencies and Euros

As we mentioned earlier, the most coveted use of Nexo is to obtain a passive income on the deposited funds. If we decide to use it, we become Lender (those who offer to borrow funds).

A few short steps are enough to do this. Initially, you require registering on the platform.

When registering, if you also want to move FIAT currency (such as Euro), you must add an identity verification procedure (KYC) by uploading your identity document. If you only want to deposit stable coins to accrue interest, it is not necessary.

Once the registration procedure is complete, you are on the main screen, from which all the operations are carried out:

You need to deposit funds to start earning your annual money. Stable coins or EUR can be deposited for this purpose. Click Top Up in both cases.

If we have selected a stable coin, the sender’s address will appear. On the other hand, if it is EUR, bank transfer, waiting for the necessary technical times, must send it.

That is enough. This is it. Once the funds have been deposited every day, we will automatically begin to accumulate interest on them in a compound manner, reaching 8% per annum.

There are no restrictions: you can withdraw your funds without any type of commission at any time.

Nexo, Card, and Credit requests

Since Nexo is a Credit platform, you can also put yourself on the side of those who ask for it or be a Borrower.

To do this, you need to deposit but not stable coins other criptovalute be used as collateral (i.e., as collateral). The rate of collateralization is high to avoid the risk of liquidation. By depositing $ 10,000 worth of ETH (for example), you can request $ 5,000 of cash.

The interest rate you pay depends on the amount of NEXO tokens you hold. If you fully collateralize with NEXO tokens, the annual interest is only 5.9%. If the collateral is in another coin, it goes up to 11%. There is also a middle ground: with 50/50, the interest is around 8%.
Attention: to apply for a loan, you must pass the KYC verification.

The loan is disbursed in stable coins or EUR. In the first case, you receive them in your wallet. In the second, to the bank account by bank transfer.

The Nexo credit card

There is also an additional and very convenient method: requesting the Nexo credit card, which can be used in any shop or online business. Whenever we use it, we are charged a loan equal to the cost. Of course, the collateral deposited on the platform dictates the maximum loan that can be requested, and the interest rates are the same as above.

To apply for the Card, you must have passed the KYC.

The loan can be repaid at any time, in the same currency in which it was requested. At that time, the due interest will be calculated and added to the initial sum.

Nexo: is it reliable?

Nexo only as a lender to earn passive income. By the way, I find it the most reliable platform out there for integrity.

With just a few clicks, you can rent your sum and withdraw it whenever you want absolute freedom.

Furthermore, it is the only platform that pays interest on a daily basis.

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Written by Crypto Discounts

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