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2021-02-11 15:00:00

Nexo Adds Exchange Feature To Compete with BlockFi

Nexo is one of the most popular centralized crypto lending and borrowing platform along with BlockFi and Celsius. With over $4 Billion assets under management and Ledger vault as custodial service, Nexo is making a lot of news in recent times.

However, nothing is compared to its recent release of crypto exchange service, which lets Nexo users exchange cryptocurrencies from the comfort of their mobile app. This new exchange feature is a highly awaited feature, as one of its competitors BlockFi has released this feature last year.

I have talked about Nexo a while back in our coverage of Bitcoin loan sites, and how to earn interest on Bitcoin.

How to use Nexo exchange feature:

The Nexo exchange feature is pretty simple to use, and all you need to do is open the Nexo mobile app, and select the exchange feature. Select the token that you want to exchange, and at 0% fees, you will be able to make an instant exchange.

$Nexo which is the token of the Nexo network is also popular among investors due to its high dividend payout. One complaint a lot of existing users have is the lack of earning interest in Nexo token. However, Nexo pays one of the highest interest on lending your cryptocurrencies.

In the past year, they have added a ton of cryptocurrencies and offering lucrative interest in it. Here is the current interest offered by Nexo on different crypto assets:

However, as an investor, you should know the counterparty risk when lending money to anyone.

According to investopedia:

Counterparty risk is the risk associated with the other party to a financial contract not meeting its obligations.

Overall as the cryptocurrency industry is maturing, services like Nexo, BlockFi, and Celsius are bringing the features of traditional finance (Tradefi) to crypto verse.

Also checkout: BlockFi review

Nexo team also announced that $NEXO token holder are getting the right to vote. This is a big step to give the voting right to the stake holders, which in this case is the holder of Nexo token.

I would love to see a platform like Nexo grow, as they are making cryptocurrencies usable, and bringing mass adoption.

For now, I would love to know if you are an existing user of Nexo platform? Also, what’s your view on the $NEXO token?

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