Nexo Altcoin Review
By: The Crypto Sky
Nexo is the world’s first instant crypto backed loans platform. Nexo is founded by Credissimo a more traditional fintech company with over 10 years of success. In 2017 alone they loaned out 28.8 million Euros and received 37.5 million Euros back as payment. They currently have 130 employees and distribute over 70 thousand loans a year. Back to Nexo, they allow you to receive loans in crypto or fiat. You must have a certain value of crypto assets in your Nexo wallet to receive a loan.
Coin Metrics –
- Ticker: NEXO
- Current Price BTC: 0.00003668 BTC
- Current Price USD: $0.316793
- Market Cap: $177,404,083
- Circulating Supply: 560,000,010 NEXO
- Total Supply: 1,000,000,000 NEXO
- 24hr Volume: $3,824,410 USD
*Coin Metrics are as May, 11, 2018, and are subject to change*
As far as the technology goes they have a working product which is huge in the crypto space. They currently have a fully operational instant lending platform for quality user experience and military grade security with a 256-bit encryption. The Nexo team is also launching a loan backed credit card in July. This will definitely be a positive feature for the project and should raise adoption. Nexo has a wallet available, to use the platform you must keep your crypto assets in the wallet. The wallet accepts cryptocurrencies, tokenized assets, utility tokens, and gaming tokens. The Nexo platform also features the NEXO Oracle, which monsters pricing on over 6 exchanges, performs wallet maintenance, performs data analytics, and send out automated notifications to the user. Overall the technology is very quality, and their platform has a lot of useful features. On the blockchain side of things, the only real need is smart contracts, which NEXO takes advantages of with the loan contracts.
The team is very developed and covers all the basics. The founding partner, Kosta Kantchev, is also a co-founder at the parent company Credissimo. He has some very good fintech experience, however, no blockchain experience listed outside of investing in Bitcoin at an early stage. The 2nd Managing Partner, Georgi Shulev, is another Credissimo member, having an extensive background in banking. Their final managing Partner, Antoni Trenchev, again comes from Credissimo. He has a little more experience in the blockchain field than the other Managing Partners. He has served as a member of Parliament in Bulgaria, advocating for blockchain technology to be implemented. Their lead blockchain developer, Plamen Todorov, has years of software development experience, but not a lot of blockchain experience listed on his LinkedIn. This would normally be a red flag, also considering the fact he is the only blockchain developer listed on the team, however, loans are fairly simple and the basic implementation of smart contracts should be all that is needed from the blockchain side of things. This is not exactly my expertise, but I see no problem here. The team rounds out with some Marketing Directors and Business development members which are always a very good sign. The Nexo Advisory Board has two huge names. One of which being, Michael Arrington, The founder of TechCrunch and Arrington XRP Capital. This is a wonderful advisor to have, as he is very connected with the crypto, and fintech space. The next big name listed is Trevor Koverko, it’s always good to see another founder of a large cryptocurrency project on the advisory board. This again gives them connections to a lot of people in the cryptocurrency space. Overall I’m impressed with the team and Advisory board.
Things To Note
The first thing I note when looking at the project is, they have a working product! This is obviously a big thing in the crypto space. I also see they are backed by a very successful financial institute. They have a very large and active community with over 50 thousand people in their Telegram group. The consumer credit market is always still very lucrative, and while it’s seen a bit of a dip in the past 3 years it’s still over a 30 trillion dollar market worldwide. Their target market is obviously the younger generation who are starting to find out what debt is with college loans and such. Millenials will find new ways to pay off loans including crypto and other related forms of payment. They have very good tech, with a working product, and an easy to use website to secure loans. The innovation is there as well with Nexo being the first in the crypto loan space, but there are some competitors including ETHLend. Nexo also gives passive income, paying 30% of profits to token holders. Obviously, this gives a large incentive for people to accumulate and hold the NEXO token.
Where To Purchase NEXO?
Overall I am very impressed with the quality project NEXO is putting together. The loan space is a very lucrative one, but a space that is not fully explored on the crypto side of things. They are backed by their parent company Credissimo, which is very experienced and seems to have a great company of their own. Everything about NEXO that I have seen so far is quality. The website and platform are extremely easy to use and has a lot of great features. The first thing I actually noticed when researching the coin was how nice, and thorough their website actually was. They have a developed roadmap, a completed all of the tasks so far that have been listed. They have a credit card coming out in July, which should be a great feature for the project, and raise adoption. The telegram group has over 63 thousand members, which shows how strong the community and what a good job the marketing team is doing. Their Twitter also has over 29 thousand followers, which is a very good number. Overall I’m really impressed with NEXO, they have a really developed working platform with a lot of useful features, and s strong team and community behind the project.
Link to Nexo website: https://nexo.io/
Link to Coinmarketcap: https://coinmarketcap.com/currencies/nexo/
Link to NEXO Twitter: https://twitter.com/NexoFinance