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Nexo Platform Update (Earn Passive Income with Crypto)

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Written by   83
1 year ago

Nexo is one of the biggest lending platform launched in the crypto industry in these 2 yrs. Now we will go through the Latest update of Nexo platform, Have a look into their tokenomics and so on.

Disclaimer: I am not your financial adviser and all information available below are for purely educational purposes. Please verify all of the Information before using it and don't make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up.

Nexo Platform

For those of u who are new in to the crypto industry and doesn't know who and what Nexo is well "Nexo is one of the best wallet out there where u can also earn passive income by lending your crypto to the platform". It is like bank when u deposit your crypto in to Nexo they pay u a certain interest on your crypto.

Their Current Interest Rate

No don't think it as a scam, They can pay u this much interest on your crypto assets is by lending your crypto into Institution for higher interest. Banks can also do the same if u wanna know but they wont they made us like this and take huge amount of profit for themselves. But Platform like nexo are paying us also. Its a deal deal. U can check other similar wallets here.

Advantages Of Nexo

  • Up to 12% annual compounding interest

  • Unique daily payout with compounding interest (other services usually pay once a week or month)

  • $100 million insurance on all custodial assets ( first in business to do so)

  • Add or withdraw funds at any time.

  • If u hold enough Nexo token (the platforms native token) u will be paid dividend in Ethereum ( Nexo distributes 30% of its net profits to token holders through dividends).

Disadvantages Of Nexo

  • There is no minimum deposit in crypto u can even transfer $0.1 but to earn interest there is minimum amount of crypto u must hold. Unlike other wallets where u can earn interest rite away.

  • There is no in app swapping function like blockfi.

  • U can withdraw your coin any no of times for free but there is minimum withdrawal limit to withdraw.

Now lets look into the latest update in the platform

This December, Earn X3 in BTC

If u are yet to open a new account or if u have opened the account but has not yet deposited any amount in the wallet now is the best time to do so. Here are the reasons...

All you have to do is add assets to your Nexo Savings Wallet for the first time between December 1 and December 31, and we will triple your earnings for the month and pay out the bonus interest in BTC!

What it is as soon as u invest your asset in Nexo the very next day u will start to earn interest in crypto whether it is in kind or in Nexo token (do note one thing if u switch to earn in nexo the interest rate will be higher and the token its slowly picking up in value and u will also earn dividends on nexo token in the company's profit). At the end of the month December they will take the interest u earned in any asset and double it in USD value and will deposit in your wallet in bitcoin. So u are earning interest already and also u get bonus interest at the everyday in btc.

Eligibility and Conditions

  • Earn X3 in BTC applies to clients adding assets to their Nexo Savings Wallet for the first time ever in December 2020.

  • U must pass the KYC to get X3 bonus.

  • You will receive tripled interest for every day in December.

Updated Loyalty Program

As the loyalty program updated u can earn higher interest on your asset without staking any nexo tokens, u just need to earn your interest on nexo tokens and once u get enough nexo tokens u will also earn dividends on your Nexo tokens. U can get all the updated loyalty program in their blog.

$12 million Buyback program

On Dec 3rd, Nexo announced that they will buyback $12 million worth of Nexo tokens from the open market. This is a huge bullish news for the token as they buyback tokens from the open market the circulating supply of the token will be reduced and it will boost the price further and this news came when we are in a ongoing bull market so it even boost the price of the nexo token. And also announced that the token they purchased will not be burned or liquidated by the company and will be safely kept in an INVESTOR PROTECTION RESERVE(IPR) visible at this public ERC 20 Address.

Antoni Trenchev, Co-founder and Managing Partner of Nexo, commenting on the buyback program said that

“We have seen demand for the NEXO Token progressively increase, confirming its desirability – its price tripled and over 60% of our clients chose to earn interest in NEXO Tokens over the past month. With buybacks guaranteeing the supply remains limited, we are closing the circle and laying the groundwork for an even more desirable NEXO Token with an even stronger token economy.”

I hope this article is helpful to u, I would like to hear your thoughts on this. If u have any doubt about investing or if u want my thoughts about a particular project pls comment down below.

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I would like to ask how to withdraw the interest gain in Nexo? Do I have to do KYC before I can withdraw it?

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no u can open the acc and start transacting immediately u can withdraw your interest after its accumalated but for higher deposit and withdrawal u need to do kyc also for some counties even kyc is mandatory. and for the above mentioned X3 offer u must complete kyc to get that offer U can also check blockfi currently they offer $50 in bitcoin when u invest $350 or more in any currency and they also dont lock your funds

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