With the increase of cryptocurrency and blockchain technology, there is one platform that seeks to offer different services for other platforms. The Nexo platform is a blockchain based platform that seeks to offer crypto enthusiast the first ever instant crypto overdraft. Found online at Nexo.io, the Nexo overdraft system allows users to avoid selling their crypto and lose the upside potential. Instead, they provide them with an instant crypto overdraft where they can use their crypto as collaterals and then withdraw cash.
How does Nexo work?
Nexo aims at combining the blockchain technology with instant loans. This way it will be able to create the first ever instant crypto overdraft system where users can enjoy crypto wealth without the need of selling their crypto assets.
What does Nexo plan to achieve
Nexo plans to offer solutions the many issues users and holders of crypto have. Their goal is to solve the lack of financing for the digital economy. The core function of the platform includes:
- Allowing users to enjoy convenient and fast access to financing
- Unlock the value of user’s digital assets
- Retain asset upside potential.
These functions will allow Nexo to solve issues such as:
- Idle value of digital assets
- Slow liquidation process
- Cumbersome credit checks
- Lack of transparency and trust
- Expensive and tax inefficient
- Loss of ownership among other issues
Who can use Nexo?
Nexo can be used by a variety of individual and organization for a number of purposes. Some of the people who can use Nexo include:
- Crypto miners: they can cover the expenses of mining by using the instant crypto overdraft
- Crypto investors: they can receive funding based on the market value if the cryptocurrency they hold
- Hedge funds: those who have invested in cryptocurrencies can leverage their portfolio and obtain instant crypto overdraft.
- ICO and Crypto companies: instead of selling their digital assets, these coma0pnies can set up instant overdraft to access capital easily and fast
- Gamers and VR Users: these people can transact valuable in-game items instead of selling items they still need to use.
Who is being the system?
Nexo is the project of Credissimo, a European fintech company. Since the inception of Credissimo, the company has given over $120 million in loans to individual and companies. The Nexo team comprises of Kosta Kantchev, a managing partner, he is also the co-founder of Credissimo. Other on the team are Georgi Shulev, and Antonio Trenchev also managing partners. Vasil Petrov is the CTO of the platform.