Owners are not required to pay any transaction, platform or withdrawal fees, all of which most providers usually charge for their services. Also worth noting is the fact that by using Nexo’s immediate crypto loan service, clients have the option of making the most of their capital gains and take full advantage of other benefits. While withdrawing bigger sums of physical capitals is still difficult, the company offers a free credit card to its retail clients, which can be used for making daily transactions. Nexo’s users benefit from a high level of asset liquidity which is quite uncommon in the crypto sector.
The loan limit is promptly available via bank transfer or through the free Nexo credit card. The client then is given his requested loan amount in either USD or EUR currency. Afterwards, the cryptos which they transferred will be confirmed by the blockchain, after which the Nexo oracle automatically computes details related to individual loan limits and then establishes the loan for the user. The primary benefits of using Nexo include: no hidden fees, no capital gains taxes, and no credit checks.Ī high level of transparency is guaranteed, since the platform uses blockchain technology, smart contracts, and algorithmic procedures, all of which are performed in its native Nexo Oracle module.įirst, the client has to transfer their crypto holdings to their Nexo wallet. The whole process of obtaining loans is simple and can be done in just a couple of minutes. Nexo’s innovative business model was created to provide clients with instant crypto loans, being an “ automatic, flexible and cost-efficient means of obtaining liquidity that is secured by the value of the client’s digital assets.” Nexo brings together instant loans with blockchain technology, resulting in the world’s first instant crypto loan system. 78% of its traffic is generated by its recurring customers. So far, they’ve processed 1 million+ loan applications and granted 79,000 loans in 2017. The company is regarded as a market leader in the online consumer lending industry in numerous European countries. That company has given out loans worth of $120 million since its foundation while amassing $155 million in cash. Nexo was created by Credissimo, a leading FinTech group that has been serving millions of users from all over Europe for more than a decade.