Crypto of the Day: Nexo (NEXO). See Why!

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Nexo is a cryptocurrency lending platform that allows investors to collateralize loans with their cryptocurrency, allowing them to instantly take out loans without needing a credit score. Users can deposit their Bitcoin, Ethereum, Litecoin or other cryptocurrencies on Nexo and receive fiat currency or stablecoins as a loan.

Nexo offers a great way to take profits from cryptocurrency without actually selling your assets. So long as you pay back your loan, you’ll still own your hard-earned crypto assets.

What is Nexo?

Nexo is an Ethereum based token that uses the ERC-20 token standard. The token gives users discounts on interest rates on loans through Nexo. Also, Nexo pays dividends to token holders, making it an attractive investment for investors looking to buy revenue-generating cryptocurrencies. 

Nexo is also used to pay users of the platform interest for the funds they deposit. If you aren’t interested in taking out collateralized loans, then you can deposit crypto on Nexo to earn interest instead. 

Nexo (NEXO) is Up 10% in 24 Hours

Nexo began gaining interest from investors in November 2020, when the token was trading for just $0.17. November marked the beginning of Nexo’s run, appreciating to over $3 in May 2021. Since then, Nexo has crashed with the rest of the cryptocurrency market, making it an attractive buy for long term investors. 

Why is NEXO Moving?

Nexo recently announced it will be integrating Cardano (ADA) into its platform. While it’s hard to pinpoint one event that has caused Nexo to appreciate 10%  in just 24 hours, this announcement is good news for the platform.

Cardano is 1 of the most popular cryptocurrencies on the market, and investors will now be able to earn interest or take out loans with Cardano on Nexo.io.

Where to Buy Nexo

Unfortunately, Nexo isn’t available on popular crypto exchanges like Coinbase, eToro and Gemini. Instead, the best place to buy Nexo is on Uniswap. Uniswap is a decentralized exchange on Ethereum’s network, so you’ll need to 1st buy Ethereum and then swap your Ether for Nexo on the platform.

Here are some of the best crypto exchanges to buy Ethereum on.
 

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.