Nexo (company)
Nexo is a blockchain technology company that provides people with instant crypto credit lines collateralized by digital assets. The service grants access to cash without having to sell the assets themselves[1].
Overview
The company was co-founded by Antoni Trenchev, Kalin Metodiev, and Kosta Kantchev[2]. It is headquartered in Zug, Switzerland. It has $6 billion in assets under its management. The company produces the cryptocurrency token stylized as "NEXO" and also operates as a cryptocurrency lender and trading platform. The company provides both private and secured loans on a blockchain-based lending platform.
History
Nexo started operations in April 2018 with the release of its platform and a private token sale gained $52.5 million in funding to introduce the platform's native utility token[3]. It also produced its Instant Crypto Credit Lines[4].
In April 2022, Nexo partnered with Mastercard to produce the first cryptocurrency-backed credit card, that is paid via a list of different cryptocurrencies. Card users retain ownership of the cryptocurrency, and the card is accepted through the Mastercard vendor network and allows purchases up to 90% of the value of cryptocurrency held by the cardholder[5].
In 2022 Nexo began the process of acquiring the company Celsius during a period of potential acquisition vulnerability[6]. In June 2022 Nexo began partnering with CitiGroup in order to advise on its future acquisitions[7]. It also partnered with Bakkt Holdings to custody Bitcoin and Ether[8].
In July 2022, Nexo began the process to acquire rival company Vauld, a Singaporean company backed by Peter Thield and CoinBase[9]. In September 2022, eight US states filed enforcement actions against the company for not gaining the necessary investor disclosures from some of its clientele. The following week, Nexo acquired a stake in the chartered Summit National Bank in the United States.
References
- ↑ Petersson, David. "Cryptocurrencies Are Falling But There Is A Smart Way Of Using Them". Forbes. Retrieved 2019-05-13.
- ↑ Insight: The New Masters: How auction houses are chasing crypto millions
- ↑ "Interview with NEXO Co-Founder, Antoni Trenchev". Medium.com. Retrieved 2018-07-02. Unknown parameter
|url-status=ignored (help) - ↑ "Nexo founder: We won't offer products where we can't compete with DeFi rates". Medium.com. Retrieved 2022-04-25. Unknown parameter
|url-status=ignored (help) - ↑ "Nexo and Mastercard launch 'world first' crypto-backed payment card". mastercard.com. Retrieved 2022-04-13. Unknown parameter
|url-status=ignored (help) - ↑ "Nexo Proposes Celsius Buyout as Rival Lending Platform Halts Withdrawals". coindesk.com. Retrieved 2022-06-13. Unknown parameter
|url-status=ignored (help) - ↑ "Crypto lender Nexo hires Citigroup to advise it on acquisitions". fortune.com. Retrieved 2022-06-22. Unknown parameter
|url-status=ignored (help) - ↑ "Bakkt Holdings Adds 4% On Partnering With Nexo For Bitcoin, Ethereum Custody". nasdaq.com. Retrieved 2022-01-19. Unknown parameter
|url-status=ignored (help) - ↑ "Crypto-Lender Nexo Nears Acquisition of Peter Thiel-Backed Lender Vauld". wsj.com. Retrieved 2022-07-05. Unknown parameter
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