NEXO (NEXO)
History of Nexo
Nexo is a European fintech company launched in 2017 by Antoni Trenchev and Kosta Kantchev. It operates from Zug, Switzerland, providing instant cryptocurrency-backed loans. The company has secured over $52.5 million in funding. In August 2020, Nexo announced a dividend payout of over $6.1 million to its token holders, reflecting 30% of the company's net profits for the previous financial year.
Overview of Nexo
Nexo's platform offers digital asset owners various financial services, with the NEXO Token being a central component. The token is backed by Nexo's loan portfolio and rewards holders with monthly dividends. It also provides utility features like reduced interest rates on loans and serves as collateral on the platform.
Notable clients
| Ticker | NEXO |
| Category | Finance / Banking |
| Website | https://nexo.com/ |
| @Nexo | |
| Telegram | nexofinance |
| https://www.reddit.com/r/Nexo/ | |
| Contract Addresses | |
|---|---|
| ethereum | 0xb6...06 Copied! |
| energi | 0x04...11Copied! |
| polygon-pos | 0x41...8eCopied! |
| fantom | 0x7c...7dCopied! |
| sora | 0x00...ffCopied! |
A significant event in Nexo's history occurred in April 2019 when Brock Pierce utilized over three million dollars in bitcoin to purchase a property in Amsterdam, marking Nexo's first crypto-backed mortgage.
Chainlink collaboration
In July 2020, Nexo partnered with Chainlink to enhance its platform's efficiency and security. This collaboration integrates Chainlink's oracle system into Nexo's trading and lending operations, aiming to boost loan volumes and fund custody. Both companies share a vision of integrating digital and traditional finance, enhancing user trust and transparency.
Legal matters and developments
Nexo has experienced various legal and regulatory engagements, reflecting the evolving landscape of cryptocurrency regulation. The company continues to adapt and navigate these aspects, maintaining its commitment to compliance and operational excellence.