Nexo (NEXO) is an ERC-20 compliant token on the Ethereum network that has successfully completed its ICO on April 2018 with $52.50 million raised. It currently holds a market cap of $57.30 million at the time of writing this. It is powered by Credissimo — a European FinTech group established in 2007 that offers online consumer lending solutions.
Nexo positions itself as the world's first instant crypto-backed loans provider. Users are able to receive loans in fiat currency instantly byShow more [+] acing their crypto-assets in their Nexo Overdraft wallet. The market value of the digital assets in the wallet determines their overdraft limit (updated in real-time based on multiple exchanges). This allows the user to avoid exchange and withdrawal fees, as well as capital gain tax associated with short-term liquidation of their digital assets for fiat currency. Any market appreciation of the assets' value will not be lost to them either as these are returned upon repayment of the loan.
The core team behind Nexo includes Credissimo co-founder Kosta Kantchev, and it has Techcrunch founder Michael Arrington and Polymath CEO Trevor Koverko serving as advisors. Nexo is partnered with BitGo for crypto-asset security, and uses Onfido for KYC and AML compliance.