How does NEXO work?
NEXO is a blockchain-based platform that provides users with access to instant crypto-backed loans.
It works by allowing users to deposit their crypto assets into a NEXO wallet and receive an instant loan in either fiat currency or stablecoins. The loan is secured by the deposited crypto assets, which remain in the user’s wallet. The NEXO platform uses its own native token, NEXO, to facilitate transactions and reward users for their loyalty.
When users deposit their crypto assets into the NEXO wallet, they receive a percentage of their loan amount in NEXO tokens as a reward. This reward can then be used to pay back the loan or used for other purposes on the platform. The platform also offers users access to an automated savings account that pays out interest on deposited funds.
This interest is paid out in NEXO tokens and can be used to pay back loans or used for other purposes on the platform. NEXO also offers users access to a range of financial services such as credit cards, debit cards, and merchant services. These services are powered by the Nexo Protocol, which is an open source protocol that enables developers to build financial applications on top of the NEXO platform.
