If you are one of the many individuals who want to get into crypto, you’re probably going to want to find a blockchain network that supports lending and borrowing. If so, you should know about Nexo, one of the leading platforms with these options. We’ll break down Nexo and what it can do for you in the following article.
What is Nexo?
Nexo is a traditional banking alternative. It has become popular recently among crypto investors who want a stable platform that features favorable interest rates. Nexo takes 28 cryptocurrencies right now, and that number will probably go up at some point as well.
The great thing about Nexo is that you can get fiat currencies through it whenever you want them. Fiat currencies are currency forms that a particular bank or government supports. They do not have gold, silver, or some other substance backing them.
If you want to get into crypto lending, you can use Nexo to access crypto-backed loans. The company has been around since 2018, and they have a catchy slogan, “banking on crypto.” That’s a concise way of stating what they are and what they do.
Why Try It?
Nexo is a solid option for anyone who wants to replace traditional bank services and use crypto as their primary asset. As a user, you can lend crypto when you want to, as well as borrow it. You can earn some interest on your crypto. This functionality is Nexo and many similar platforms’ bedrock. Nexo and others continue jockeying for position in a crowded marketplace.
One of the key reasons to try Nexo is that you can get fiat currency whenever you need it without having to employ your credit report, which might not be in the best condition. All you must do is put the supported crypto into your digital wallet and then choose from among different options for lending it out.
This is a peer-to-peer market that lets you control what you do with your crypto in a much more hands-on way than some other platforms. It’s a great way to learn about what crypto can do if you’re starting to dip a toe in and you want to gain some experience lending or borrowing the different available forms.
Another part of what investors and lenders like about crypto is the near-instant liquidity that it affords you. Nexo, for instance, lets you get fiat currencies pretty much on-demand while you still own your digital finances at the same time.
You can store your Bitcoin, Ethereum, XRP, Cardano, and many other popular crypto forms with Nexo, but you can quickly change them back into a fiat currency when you need one. This means you can accrue interest, trade, lend, and borrow, and if you have to pay for something and the entity doesn’t take crypto, you can quickly exchange some for a fiat currency as needed.
Like with many other crypto platforms, you can look to Nexo as a secure system that no one unauthorized can penetrate. The designers have set up a transparent application that stores any relevant tokenized transactions.
This is blockchain technology, and it’s almost impossible to fool the system. Your currency, whether you have crypto or fiat money, is secure because all data is meticulously recorded. If you’re ever uncertain about how much you have or whether a transaction went through okay, you can find a record of it nearly instantly.
Should You Try Nexo?
If you want to learn more about crypto in a relaxed setting that’s easy to understand, Nexo might be for you. The interface is simple and straightforward. For instance, if you want to take out a loan with Nexo, all you have to do is sign up for an account. Then, you can deposit your crypto assets.
From there, you don’t have to wait for a credit check like you would with a bank. Instead, you ask for a loan, and you get instant disbursal, assuming the lending entity approves your request. All you must do is provide some supporting documents as your fund origin testimony.
This simplicity is hard to beat if you’re learning about crypto borrowing, but lending is just as easy. You can try a few transactions once you set up an account, and from there, you can get into more ambitious crypto undertakings if you desire. You can start with small amounts and build your way up, or you can continue borrowing and lending minute crypto amounts.