Nexo- Finally, Crypto Overdraft Reprieve is here!

herr.ekong (40)in #cryptocurrency • 7 years ago (edited)

Ever since the advent of cryptocurrency almost a decade ago, the industry has seen many new innovations come into the fore, with the aim of stability and making the sector much more balanced than the day before. Some of these innovations have wowed 'Cryptonauts', some others have flopped regardless, and the rest have divided opinion amongst investors; however, the crypto-world remains open to newer milestones, with the quest to make things better and much easier.

With the exponential rise in the number of people investing in Crypto assets, and the ever-growing demand for Mobile Applications connected to the Crypto-world, it's rather baffling that until the emergence of Nexo, there has not been any reputable platform provided, on which investors or asset holders can borrow against their Cryptocurrency, by simply using some part of it as a collateral to get fiat currency. It is quite disheartening, because many Cryptonauts are in for the long haul, and as such, selling as a means to sort out impromptu needs has crippled many investors.

My Recent Ordeal

My foray into the world of Cryptocurrency is a little over a year, so you'll be permitted to term me a beginner; however, in this short time, I have realized that there are two ways investment values tilt towards; appreciation and depreciation. When they are appreciating, everyone is happy and hope for a steady, non-stop rise; albeit, when they drop, all sorts of prayers are said, and many tend to panic.

We have watched as the value of coins against the US Dollars depreciated significantly, well after a steady rise in recent weeks; however, that wasn't my problem, as I have an unshakeable believe that it'll rise again.

In the last two weeks, I've had cause to sort out pressing financial needs which needed attention, before they became overdue, which was quite challenging. I ran helter-skelter looking for how to raise a loan, even with an option to payback with a little Interest. Truth is, nobody was willing to give out money without a collateral. I had sleepless nights, I racked my brain to find a means, but I wasn't making progress.

Eventually, I had to cave in and offer some of my Crypto at a price that even my guardian angel would never forgive me for, since values had dropped significantly. Whether I'll be blamed for that, I wonder!!

Truth is, if I had an option to place my crypto as a collateral and get the money, I would have done that without hesitation, but I didn't.

This is where Nexo comes into the game.

What is Nexo

Nexo is the first organization to offer instant crypto overdrafts. In plain English, it means they allow a platform for users to leverage their cryptocurrency as a means to get liquidity without exchange fees, hidden payments or taxes. This position Cryptonauts In a win-win situation almost everytime, because unforeseen circumstances need not throw you into selling, like it did me.

This overdraft can be completed in a three-stepped concise process which include:

Step 1:
The user puts cryptocurrency into their Nexo overdraft wallet.

Step 2:
The overdraft funds are immediately available via bank transfer or the Nexo Credit Card.

Step 3- Repayment:
The repayment can be arranged in various ways. It can be paid via bank transfer, fiat or cryptocurrency. If the user chooses to pay in Nexo tokens, they will receive discounted rates on the interest fee.

Alternatively, users can pay the balance with a portion of the cryptocurrency holdings they have stored in their Nexo wallet.

What Makes Nexo Different and Trustworthy?

In this digital world of cryptocurrency, before one can choose to go into agreement with an organization, then the latter must have a proven reputation over time, as this is just what Nexo has.

According to the team;

Nexo is powered by Credissimo, which was founded in 2007. Credissimo adheres to the highest regulatory requirements and has been strictly
supervised by multiple European Banking and Financial Services Regulators since 2007.
Credissimo has received several awards over the years from companies such as Forbes and Ernst & Young, while also reaching Top 10 in Alternative Finance at the European FinTech Awards 2017. They are audited by Deloitte, which is one of the most credible auditing firm all over the world.

Jaw-dropping right?

As regards the technology that powers the system, the team had this to say;

Nexo Oracle is the core technology and it is an automated system that provides the overdrafts as well as deals with repayments. It is driven by smart contracts, promoting transparency and efficiency.

In addition, Nexo has files with the US SEC to ensure compliance, and the tokens on offer can be stored in the overdraft wallet to get discounted interest and an increase in the overdraft limit. The credit card on offer works like every other traditional card, and can be used to access instant overdraft functions.

Be you a cryptocurrency investor, a gamer, exchange company, or whoever, Nexo got you covered.

How this changes cryptocurrency users access to their funds

As a digital asset holder, nothing gives greater joy as capitalizing on the market gains at all time; even more
Interesting is the potential to get fiat currency against investment, without losing the gains. On this platform, users would have full control of their funds, hassle-free, and be liberated from the long arms of irregular taxes and charges.

Furthermore, this Nexo innovation changes the face of the crypto game because instant liquidity cannot be quantified. It saves one from sleepless nights, unnecessary stress, like I had to go through, and circumstances-induced sales.

Use-Case

John is a massive investor in bitcoins. He buys dips and steadily watches them become a bloom, and this is something he has become accustomed to. Recently, as the BTC market too a plunge, John invested in buying large, as usual. Some 2 days after, his wife goes into labor and he needed funds for her medication and treatment because there were complications.

Having heard of Nexo, he quickly uses some BTC as a collateral and got fiat currency in return. He settled the bills, but the interesting part was the fact that prices sky-rocketed in less than a week. As a market conscious young man, he quickly chose to payback with Nexo tokens to get discounted interest rates; also, getting his BTC back.

All the while, despite being low on cash at a point, John was in control of his funds and assets, and he didn't need to spend his cryptocurrency at a bad time. His wife delivered safely, and the family is happy.

The possibilities are endless, just tailor-make it to your taste. This is the beauty of Nexo.

The Team

It comprises of individuals and credible juggernauts, what have carved a niche for themselves over time in the sector. As such, they can trusted to stand up to the challenge, if need arises.