A lot of ICO have promised us with so much of hype that we just have been investing based on their words and something that been written on a piece of paper (digital whitepaper). We have seen so many projects raise millions of dollars yet not delivering anything of value except the hype that comes around like a wind and blows away. Also, many of these projects have a business model that may be obsolete in few years time and there is no additional information on how these changes will be managed in the future.
Amidst all these self-proclaimed great ICO with groundbreaking technology, there stands a project which silently raised around $53 million and delivered the product within a month from its ICO deadline. Yes, I am talking about a project called NEXO, that will be bringing crypto backed loan which has been the need for a few years now. One for the mass adoption of cryptocurrencies and other for using the crypto wealth in an easy way for most of us that have made a fortune out of it. It doesn't end here though. You get access to all your crypto funds and have the option to liquidate or take additional loan whenever required ( though your crypto should cover the additional loan amount).
The interest that you pay for the loan is 16% and it is fixed. No additional charges or hidden fees. And you can lower this rate if you pay for the loan with NEXO token. It is also first US-SEC approved security token that gives dividend based on the profit they make. 30% of the profit from the service is divided and paid to token holders every month based on the amount of NEXO token they hold in the NEXO wallet during the snapshot every month( the time for snapshot will be disclosed beforehand).
The opportunity that I see for NEXO here is that they are trying to grab the niche market of individuals that are always in need to buy the dips of cryptocurrencies and sometimes have no fund to buy them because all their investment is already locked up in some coin and they don't want to liquidate them. NEXO provides a platform where you can keep those coins that you bought as collateral and get loan equivalent to half the amount of your coins worth. You can later pay for your loan amount anytime and transfer your coins from NEXO to your own wallet or exchanges to make a trade. Although they currently support only bitcoin, ethereum, and NEXO token, they have plans to add other cryptocurrencies in the near future.
Crypto market is currently sitting at around $330Billion market cap and is projected to surpass $1trilion in 2019. This is a huge market and NEXO is doing the right work of bridging a gap between fiat and crypto and bringing crypto to more mainstream adoption. The credit card they are planning to launch that are based on fiat but provide credit limit based on the cryptocurrency you hold on the platform is game-changing. You can now spend money whenever you want and don't have to sell your coins until you are comfortable selling it or it reaches your price target to sell( you have to keep in mind the limits and liquidation notices if your coin falls in price rapidly). The interest rate will be around 0.04% every day. So, you have to just pay the interest amount to the days you have used the money. For example, You took $5000 loan, and you then had a good profit from that amount in your investment after 10days and you plan to pay the loan. Now you have to pay 0.4% interest on that $5000 loan you took which will be around $20 for 10days. So basically you will be paying $20 for $5000 loan for 10 days. You don't have to pay any additional charges to cancel your loan nor you have to keep the loan running for a whole year. You can take and pay for it at your convenience at any time. The loans are instantly approved automatically and doesn't need any credit check. That's something even a bank will not do. They take additional charges if we payback early(at least in my country) and many banks will not give you a small amount of loans and microloans are very expensive in my country. It's easy to get $20k loan than getting a $1k loan. $20k loan will have an interest rate of around 12-14% whereas $1k will have a higher interest rate ranging from 18%-22%.
NEXO is not only bringing crypto backed loan but also is starting a new kind of banking and financial service that will be worth Trillion of Dollars if they keep improving and innovating. SO buying NEXO at this price range of $0.2/NEXO is a no brainer. Acccumulate as much as you can now. This is bound to be one of the best project there is in cryptocurrency market and disrupt a very lucrative market with the help of a blockchain. They are 1000 times better than any other fintech I have seen and researched. This will be best for those countries where moving money in and out of the country is a nerve breaking task and usage of credit card is very limited. In my country, I am not allowed to make transactions in currency other than my native currency which is actually not accepted anywhere except my own country. WIth NEXO card and loans, it will be possible for people like me and many others to have better reach to global finance and utilize facilities enjoyed currently by limited amount of people.