Nexo Dividend Pay-outs Catapults it to the Top

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Nexo is a blockchain based system that allows users to access instant loans in fiat dollars by using cryptocurrencies as collateral. This was interesting as the only way cryptocurrencies were in use was through selling and buying. Nexo was created by European Fin-tech group, credissimo and since its inception, the company has given out loans of over $120 million and amassed over $150 million.

How Nexo works

Nexo works by bringing users of blockchain technology with instant loans. The working theory is that the innovation was to provide users with loans that are automatic, cost-efficient, flexible means of obtaining liquidity that is secured by the value of the assets that are held by the said user in question.

The loaning process requires the user to check into their Nexo wallet and transfer their crypto assets into it. After the transfer has been confirmed, the Nexo system automatically computes the details regarding that account such as loan limits and eligibility then establishes a loan for the user.

Depending on the currency the user prefers the loan to be deposited in, either Euros or Dollars, he gets the loan approved and sent to his provided account details or through the pre-existing Nexo credit card. Limits of loans are completely dependent on the crypto market prices at the time of loan requests, such that if the prices drop, loan limits drop and vice versa.

Nexo has amazing benefits, not to mention that the loan process is simple and can be done in a matter of minutes, there are no hidden charges from the transactions and no credit checks. Which means that users do not risk Losing credit ratings in case of late payments or brief defaults.  The payback system is also a great advantage to users as they get to pick out how they want to repay their loans. Users can use bank transfers, physical fiat and or crypto assets exchanges, or use discounted Nexo tokens.

It is no secret that the liquidity aspect of the service is quite attractive to users. Added to that there are no transaction or withdrawal fees attached to the loan transactions. The loaning system makes use of smart contracts which take away most of the burden of legal guarantee and remedy in case of breach and saves on the costs of transacting on the side of the user. This means that the contracts cannot be modified or reverted once executed.

Nexo tokens pay dividends, are SEC-compliant and all its customer base can access a loan from anywhere around the world. On Monday, the company announced that it would be paying out the said dividends worth close to $913,000. The procedure for payment requires verification of eligible customers and store their tokens in the Nexo wallet before payments are made on the scheduled date of 15th December.

The announcement led to an explosion of the price of Nexo per token from $0.109 to $ 0.402 as it peaked the interests of investors globally. In consequence, Nexo’s market cap is now $44 million.

 

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