As of the date of publication, Brenden Rearick has not held (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.
NEXO Crypto Soars as Market Plunges with Cash Card Launch and Binance Listing
Cryptocurrency prices are down after a busy week. Most of the coins and tokens in the top 100 are showing losses except for one curious game which is skyrocketing in value. Nexo (NEXO-USD) goes against the grain today with some of the week’s most impressive gains. Thanks to a handful of new product announcements and a Binance (BNB-USD), it seems that investors are flocking to the NEXO crypto.
The Nexo network is quickly becoming an all-in-one crypto-finance platform. Launched in 2018, the network is perhaps best known for its crypto lending services. Since its inception, the service has issued over $6 billion in credit to customers. This success is largely due to its very user-friendly features. For example, users can borrow 40 different currencies, from fiats to stablecoins to starter tokens to like ApeCoin (APE-USD). Plus, it doesn’t burden borrowers with high payment schedules, annual percentage rates (APRs), or even credit scores.
This lending service draws a lot of attention to Nexo, but so does the company’s work to expand its offerings to a wider audience. One facet of this expansion worth noting is Nexo’s crypto exchange. Launched early 2021the exchange now offers over 300 trading pairs and even rewards its loyal customers with cashback on crypto exchanges.
NEXO Crypto Lands Big Gains as Other Cryptos Sink
This month, the platform once again tried to strengthen its offer to users. One of the ways to do this is to start an institutional brokerage firm. The company is making a game to attract more wealthy companies and users with its Nexo Prime Exchange, deployed in mid-April. But beyond that, there is another NEXO encryption enabler that users are excited about.
Just days after Nexo Prime was announced, the company rolled out another product for all levels of users. Through a partnership with the financial services giant MasterCard (NYSE:MY) he unveiled a encrypted payment card. A self-proclaimed “first of its kind” payment card, people can use the product to buy goods and services using their crypto without having to sell it first. Rather, we can use up to 90% of the value of their guaranteed crypto assets.
And to add a cherry on top of all these foolproof product launches, the NEXO token is listing on Binance from now on. Now, the token will have the added benefit of appearing on the largest crypto-trading room in the world. More investors than ever will have easy access to the NEXO crypto ecosystem.
The tidal wave of optimism sweeping through the Nexo network has made for a few rewarding days in recent weeks, but none like today. As the token lands on Binance, prices have risen over 25%. The rise in prices is accompanied by a massive increase in the volume of transactions; with over $139 million NEXO trading hands, volume is up 1100% from yesterday.