NEXO crypto assets will soon be listed on the Indodax market. Let’s learn what NEXO is and how to buy it in the Indodax.academy article.
Understanding NEXO Crypto Asset
The Nexo blockchain project is a blockchain-based lending platform that offers instant loans backed by cryptocurrencies. Users deposit accepted tokens — such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), or XRP (XRP) — as collateral to receive loans in fiat currency or stablecoins.
Nexo owns a native token namely NEXO, which when locked in the platform provides users with benefits such as discounted interest accumulated on loans and opportunities. This is to receive interest payments on deposited funds. Token holders also receive dividends from Nexo profits.
The project was first announced in December 2017 and launched in April 2018.
The uniqueness of NEXO
According to its whitepaper, Nexo is the first instant-backed cryptocurrency lending provider and intends to solve inefficiencies in the credit market. Its automated lending process uses smart contracts and oracles on the Ethereum blockchain to manage loans.
Once the user transfers the cryptocurrency to a Nexo-controlled wallet, the oracle assigns a loan and the user immediately allocates the funds. When a user makes a deposit to repay a loan, oracle returns the cryptocurrency and records the transaction on the blockchain. Smart contracts are used to power NEXO and to record user balances.
Nexo is marketed to individual and institutional investors, cryptocurrency companies, exchanges, miners and others who want liquidity from their assets. The company makes a profit on accumulated loan interest, and also offers institutional loans and advisory services.
Nexo strives to build a client user base that continues to use the platform and remains invested in NEXO. Because of this, the company announced a loyalty program that rewards those who keep NEXO in their accounts, giving them preferential interest rates on loans and higher savings yields.
The crypto also distributes 30% of its profits to NEXO token holders in the form of dividends.
NEXO Crypto Asset Supply
Nexo has a fixed supply of 1 billion tokens. Of these, inventory is allocated in the following manner:
A total of 250 million NEXO (25%) for corporate overdraft reserves, subject to a 12-month vesting period with a six-month cliff;
Further, 112.5 million NEXO (11.25%) for founders and teams, subject to a 48 month quarterly vesting period;
60 million NEXO (6%) for community building and airdrop campaigns, subject to an 18 month quarterly vesting period.
Then, a total of 52.5 million NEXO (5.25%) for advisory, legal and marketing fees, subject to a 12 month vesting period;
525 million NEXO (52.5%) for sale to investors.
NEXO Network Security
Nexo stores its digital assets with BitGo, a crypto asset custodian that stores tokens in a cold storage wallet and is protected by a $100 million insurance policy.
In November 2019, Nexo reported that it is ISO/IEC 27001:2013 certified after being audited by RINA and the Consortium for IT Software Quality.
The original token, NEXO, is an ERC-20 token issued on the Ethereum blockchain, meaning that every on-chain NEXO transaction is validated and secured by the Ethereum mainnet using its Ethash proof-of-work consensus algorithm.
Miners compete with each other to add new blocks to the blockchain, and the majority of all nodes in the network must validate records in order to be posted.
Upon launch, Nexo reported that its token was “fully audited.” In November 2019, the smart contract was independently audited by Castillo Network, which found no critical security issues.
How to Buy NEXO Crypto Assets on Indodax
Well, this week, NEXO crypto assets will be listed on Indodax, namely open deposit on July 21, 2021 at 14:00 WIB and open trading on July 22, 2021 at 14:00 WIB.
Here’s how to buy it:
- For those of you who are not yet a member, click the link here.
- After that, make a deposit. For those of you who are confused about how to deposit, if you click this link
- After your deposit and balance come in, you can return to the market.
- Search NEXO. Then click
- After entering, all you have to do is buy by filling in the balance and at what price you want to buy NEXO. Or you can also buy it instantly or directly.
- After that, you need to patiently wait for the price to increase for some time.
- After the price increases, you can sell it at a higher price with the instant method.
- If you sell with the limit method, you can place an order after buying. Make sure you enter a higher number when selling.