Even though the cryptocurrency market is experiencing a sharp plunge, major lending platform, Nexo, has almost doubled its value and about to announce its first dividend payout, about 30 percent of net profits, by December 15.
Following the overnight boom between 2016 and 2017, crypto has been experiencing a rapid decline. Within the last three months (September to November) alone, leading cryptocurrency, Bitcoin, value has decreased by about 13 percent. In September 4, it traded at $7,379.42 and in November 4, traded at $6,395.62. This same downward trend is experienced by almost all altcoins too. However, in spite of the shake-ups in the cryptocurrency world, Nexo, a Switzerland based cryptocurrency lending platform where crypto-investors use their cryptocurrency worth as a collateral, has been increasing in value daily.
A subsidiary of Credissimo, a major European FinTech Group, serving millions of people across Europe for over 10 years, Nexo has almost doubled price in USD within the last 90 days. It traded at $0.051 in September 24 and $0.090 in November 24. If the BTC value of the token is analysed, it’s almost tripled in the last 90 days period.
In October, the company added Ripple (XRP) to its collateral options along with BTC, ETH, NEXO and BNB tokens. The company announced the decision through its Twitter page @NexoFinance; “XRP-backed loans are now available on the Nexo platform, making us the first and only crypto lender to onboard #XRP as collateral.” With the inclusion of Ripple as a collateral option, the team is expecting NEXO to attract hundreds of thousands of new traders in coming months.
The popularity of the platform, and the growth of NEXO token can be attributed to its vision of letting more people gain access to capital with less stress in countries that restricts cash movement like Turkey. In an official statement, the company said; “Servicing the Turkish lira along with 40+ currencies allows us to help millions of crypto fans in countries that restrict the movement of capital to structure their finances as they see fit. This is a prime use case for Nexo’s instant loans and crypto in general”.
The company is about to announce their plan to commence payout of first divided to its token holders by December 15. The dividend is expected to be 30 percent of the company’s net profits. In an industry first, NEXO will share 30% of current profits with the holders of the asset-backed token.
More information can be found at: https://nexo.io
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