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Information about Nexo (NEXO)
Nexo is a blockchain-based lending platform that offers users instant cryptocurrency-backed loans. Users deposit an accepted token — such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC) or XRP (XRP) — as collateral to receive a loan in the form of a fiat currency or stablecoin.
Nexo has a native token, NEXO, that when locked in the platform grants users benefits such as discounts on interest accumulated on loans and the opportunity to receive interest payments on funds deposited. Token holders also receive dividends from Nexo's profits.
The project was first announced in December 2017, and it launched in April 2018.
News
Nexo, a cryptocurrency lender, has established a minimum deposit limit of 5,000 USD. This decision is designed to attract wealthy clients and enhance the efficiency of its services. The change highlights Nexo’s strategic focus on catering to high-net-worth individuals.
Nexo to phase out cashback for UK Exchange and Card Transactions as FCA rules approach
From Oct. 8 It will be initiating the phase-out of cashback payouts for Nexo Exchange and Nexo Card transactions, as well as referral and affiliate programs.
Nexo launches crypto Mastercard for EEA citizens
Bulgarian decentralized lending platform Nexo has unveiled a crypto-powered debit and credit Mastercard for citizens of the European Economic Area (EEA).
The Nexo Card will allow users to spend their euro, U.S. dollar, and British pound stablecoins via debit transactions.
Nexo achieves regulatory approval in Poland
Nexo announced its registration as a Virtual Assets Service Provider (VASP) in Poland with the Polish Ministry of Finance.
The scope of this approval allows Nexo to provide services in Poland involving the intermediation of exchanges between virtual currencies and fiat payment methods, as well as the administration of customer accounts, custody, and transactions.
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