Overview

  • Country Bulgaria, Switzerland
  • CategoryFinance/ Lending Platform

Nexo - The World’s First Instant Crypto Overdrafts. 

Project stage

Prototype

Detailed description

Nexo delivers the World’s First Instant Crypto-backed Loans, thus resolving a crucial inefficiency for the crypto world. Up to this very moment, no alternatives existed for digital asset owners to enjoy their crypto wealth except selling them. The innovative model of Nexo brings to the crypto community the best of both worlds - retaining 100% ownership of their digital assets while having immediate access to cash. 

The Instant Cryptobacked Loans are an automatic, flexible and cost-efficient way of obtaining liquidity that is secured by the value of the client’s digital assets. The whole process is completed in just a few simple clicks. No hidden fees, no capital gains taxes, no credit checks. Transparency is guaranteed through the use of blockchain technology, smart contracts and algorithmic processes executed by the Nexo Oracle.

Nexo is powered by Credissimo, a leading FinTech Group serving millions of people across Europe for over 10 years. Credissimo has always operated under the highest regulatory requirements and strictest supervision by multiple European Banking and Financial Services Regulators.

Now the same Team and its Board of Advisors, empowered by the evergrowing community of Nexo supporters and enormous demand for the Instant Crypto-backed Loans, are unlocking the value of digital asset in a rapidly expanding token economy that will alter the very fabric of a $5 trillion dollar market.

Problem

  • Idle Value of Digital Assets: Investors around the globe currently own digital and crypto assets worth billions of dollars that remain idle. The value of those assets is expected to grow to over $5 trillion by 2025. 
  • Slow Liquidation Process: Liquidating digital assets is a slow process that might take from a few days up to a couple of months until completion, depending on the asset class. 
  • Loss of Ownership: It is not possible to conveniently leverage a digital asset in order to pursue a lucrative investment opportunity or meet a short-term liquidity need without having to sell assets with good upside potential. 
  • Expensive & Tax Inefficient: By selling a digital asset (i.e. Bitcoin), its owner incurs exchange and withdrawal fees and becomes liable to capital gain tax which makes short-term liquidation an expensive and tax inefficient solution. 
  • Cumbersome Credit Checks: Access to unsecured financing normally requires lengthy and cumbersome credit checks that can result in lower personal credit score. 
  • Lack of Trust and Transperancy: In many cases, transactions involving digital assets are settled through P2P agreements that lack security and transparency on both sides.

Solution

  • Unlock the Value of Digital Assets: Clients obtain an instant overdraft in fiat currency (EUR, USD, etc.) or cryptocurrency by placing their digital assets in an Overdraft Wallet. 
  • Quick Access to Cash: Access cash conveniently anywhere around the world via bank transfer, cryptocurrency or the Nexo credit card and seize investment opportunities or meet liquidity needs immediately. 
  • Retain Ownership: Clients retain 100% ownership of their digital assets. Without the need to sell them, the borrowers now keep the full benefit from the assets' value appreciation. 
  • Cost & Tax Efficient: Crypto оverdrafts are an affordable, flexible and efficient solution that also does not incur any tax liabilities or exchange and hidden fees. 
  • No Credit Checks: Nexo offers an instant crypto overdraft, which eliminates the need for cumbersome credit checks that might lead to credit score deterioration. 
  • Transparent Blockchain Contracts: Ownership of digital assets is secured and guaranteed by transparent blockchain Repo for Digital Assets overdraft contracts.

Features

Fiat Repayment
Clients can repay their loans using fiat currencies: USD, EUR and JPY.

Repayment in NEXO Tokens
Loan repayments using NEXO tokens will result in a discount on the interest.

Crypto Sale
Should the client consider that his crypto asset has met his price target; he can place an order with the Nexo Oracle to sell a fraction of the crypto assets stored in his wallet to repay his outstanding balance in part or completely.

No Minimum Monthly Payment
No minimum loan repayment is required if the outstanding loan balance is within the available loan limit.

Show details

Additional links

  • Token details

    • Token symbol ? Token symbol — a shorten token name. It is used during an ICO and after the coin listing at the cryptocurrency exchanges. : NEXO
    • Fundrasing target ? Fundraising target — the maximum amount of funds to be raised during an ICO. When it is reached, the developers stop selling the tokens because they do not need to raise more money for the project development. : 52,500,000 USD
    • Token type ? Token type — a platform for a startup launch that influences the stability of blockchain operation, the speed of transactions and the fees. :Ethereum (ERC20)
    • Soft cap ? Soft cap — the minimum amount of funds to be raised for the project development. Sometimes when the soft cap has not been reached, the money is returned to the participants. :20,000,000 USD
    • Role of token ? Role of Token — type of token depending on the opportunities it offers to its owner. Utility tokens give their owners a right to use the project services, security tokens are aimed at bringing profit, and currency tokens are a money substitute. :Hybrid token
    • Total supply ? Total supply — a total amount of tokens that will be released by the developers. :1,000,000,000 NEXO
    • Escrow agent ? Escrow agent — a qualified agent who has the right of signature in a multisig wallet. An escrow agent participates in an ICO, monitors the financial operations of the developers and confirms their fairness. :No
    • Tokens for sale ? Tokens for sale — the number of tokens offered to the participants of an ICO. :525,000,000 NEXO
    • Whitelist ? Whitelist — a list of participants, who get an opportunity to buy tokens. To be whitelisted, you need to register on time because the number of participants and the registration period are usually limited. :Whitelist Closed
    • Additional emission ? Additional emission — an additional release of tokens. It can be done once after the crowd sale or on an ongoing basis. In the projects with a limited emission there is no additional emission. :No
    • Exchange listing ? Exchange listing — an assumed date when the token will be listed at a cryptocurrency exchange. The developers usually indicate it in a roadmap and a white paper. :NA
    • Accepting currencies ? Accepting currencies — cryptocurrencies and fiat currencies that can be used for buying the project tokens. :BTC, ETH,
    • Can't participate ? Can't participate — the countries where it is prohibited to buy tokens. These can be countries where ICOs are prohibited altogether, or countries that have the requirements that a particular project does not meet. :China,
    • Know Your Customer (KYC) ? Know Your Customer — a verification procedure for ICO participants, during which the developers can ask for personal data, a photo and a scanned copy of a passport of a potential investor. :Yes
    Get details
  • Token and Funds Distribution

    Token distribution date

    Shortly after the main token event has ended

    Unsold tokens

    NA
      • Token Distribution

          Vesting notes

          • Overdraft Funding Reserves: 12 months vesting with 6 months cliff
          • Founders & Team: Vesting quartely
          • Community Building & Airdrop: Vesting quartely
          • Advisors, Legal & PR: Up to 12 months vesting
        • Funds Distribution

      Sale schedule

      Round Token Price Bonus Min / Max Purchase Soft Cap Hard Cap
      Pre-sale — Ended
      06 Mar 00:00 UTC
      16 Mar 00:00 UTC
      0.1 USD 15% - 20,000,000 USD 52,500,000 USD
      • Team

        • Kosta Kantchev photo
          Kosta Kantchev
          Managing Partner
        • Georgi Shulev photo
          Georgi Shulev
          Managing Partner
        • Antoni Trenchev photo
          Antoni Trenchev
          Managing Partner
        • Vasil Petrov photo
          Vasil Petrov
          CTO
        • Kalin Metodiev photo
          Kalin Metodiev
          Corporate Finance
        • Kamen Trendafilov photo
          Kamen Trendafilov
          Finance Director
        • Savina Cherneva photo
          Savina Cherneva
          Compliance
        • Bilyana Christova photo
          Bilyana Christova
          Marketing
        • Plamen Todorov photo
          Plamen Todorov
          Blockchain Developer
        • Teodora Atanasova photo
          Teodora Atanasova
          Business Development
        • Joro Yordanov photo
          Joro Yordanov
          Product Designer
        • Boris Delev photo
          Boris Delev
          Technical Lead
        • Ivan Kostov photo
          Ivan Kostov
          Marketing
        • Yasen Damyanov photo
          Yasen Damyanov
          Business Development
        • Mario Krastev photo
          Mario Krastev
          Senior Quality Assurance Specialist
      • Advisors

      Roadmap

      • Q1 2018
        • February: First Nexo Airdrop Campaign 
        • March: Finalize Token Sale
      • Q2 2018
        • April: Launch Instant Crypto-backed Loans in USD Secured by BTC and ETH 
        • April: Listing NEXO Token On Exchanges 
        • May: Start M&A Process of Acquiring a FDIC-insured Banking Institution 
        • June: EUR Currency Support 
        • July: Launch Nexo Credit Card
      • Q2 2018
        • Additional Altcoins / Tokenized Assets Support 
        • JPY Support 
        • KYC/AML Automation 
        • Launch Nexo Mobile Wallet 
        • Launch Affiliate Program & Tell a Friend Program
      • Q4 2018
        • Increase Maximum Loan Limits 
        • Second Nexo Airdrop Campaign
      • Q1 2019
        • Finalize Acquisition of the FDIC-insured Banking Institution 
        • Introduce Deposit Accounts
      • Q2 2019
        • Enterprise API 
        • Installment Loans 
        • Further Increase the Maximum Loan Limits

      Activity