Just a few notes / news about NEXO.io (NEXO), the crypto-lending platform where your crypto is used as collateral for an instant credit line. The more NEXO tokens you hold, the more credit you’re allowed too, plus you get dividends in more NEXO. They’re a major player in the space and it’s a good token to have in my opinion.
[You can read more about this project on previous post here at Ade’s [Crypto] Press (‘A Borrower or a Lender Be‘) as it forms part of my Long-HODL portfolio.]
Yes, it’s currently seeing its price rise due to the upcoming dividend payout on August 15th here in 2019. Funny to note however, that the amount of dividend is actually related to how long you’ve been holding your NEXO tokens, preferably since the last payout.
You can read more about this at the Medium announcement.
The Nexo token is also migrating to Binance Chain, so that NEXO will be easily token-swapped for Binance NEXO tokens at anytime.
Nexo will also be working with Telegram and supporting the GRAM token for another collateral option.
I’m also looking forward to the upcoming Nexo Card, which will deter bank credit card use further for crypto hodlers, by providing this alternative source of credit.
It is unique in that it will allow you to keep hodling your crypto right up to the checkout, while allowing you to spend a fiat amount of credit (backed by however much crypto you have on the Nexo platform).
A note about crypto payment cards
Payment cards are interesting beasts right now for cryptocurrency, for people trying to move away from any bank interference. They are pioneering the mountain face of finance.
When ‘true’ crypto cards arrive, where lots of merchants can accept crypto directly, we’ll all be in digital money wonderland, with value zipping around the real and virtual world like nothing ever seen, but until that (tricky to regulate) time…
For now I do like Wirex (a uk-based fintech) [link is my personal, non-sponsored referral link] because the fees aren’t so bad for buying/selling crypto, versus Coinbase and Bitpanda. You can transfer crypto directly to your card app crypto-wallets and then exchange to fiat on the fly. Just like Revolut etc you can manage your cards etc. via the intuitive mobile app. You can even then allocate however much fiat you want on your payment card / your various card accounts. In fact, I forgot to do this, and then wondered why my card was getting declined in the shops.
It would also be great to see Wirex expanding their coin integration to include Steem and Nrve (Narrative.org) or Neo one day.
It’s interesting to see the new Wirex (WXT) and Bitpanda (BEST) tokens (see previous posts) could impact the use of these payment cards, by reducing some fees. Is this one solution? Will the Coinbase Card token be next ‘on the cards?’
The Coinbase Card does take the pain out of having to top up beforehand (it converts it automatically at the point-of-sale) but… that luxury is more pricey than a bank. I’m not happy paying Coinbase fees and would rather leave crypto as crypto for as long as possible, depending on the project of course. (When my sentiment changes on that, the price of Bitcoin will likely be far higher.)
The point is, these cards/apps are the closest thing we can get to spending crypto (if you happen to make any considerable gains these days) without using a traditional bank. They are actually enabling or encouraging this to happen, and it feels great to have this option.
The next (giant) leap up would be to use an actual crypto app wallet with its own payment card that was accepted everywhere, with only network fees to pay.
Personal opinion here. Invest at your own risk and always do your own research. Your opinions ever welcome.