Digital Assets Lender, Nexo, Rolls Out Crypto Exchange Platform With Instant Swaps
- Nexo, a Cryptocurrency lending platform, announces its new exchange service that provides 75+ cryptocurrency trading pairs on its mobile application. The exchange comes with a “Smart Routing” system to minimize slippage cases and guarantee the best price swaps.
In an announcement this Monday, leading regulated digital assets lender Nexo launched its in-built Nexo exchange service, offering a broader suite of financial tools to its users. The new swap feature offers users over 75+ cryptocurrency and fiat pairs and supports 17 cryptocurrency assets. It aims to offer no-limit, fast, and cost-effective transfers across assets provided on the exchange.
🎊The #NexoExchange is here!🎊
— Nexo (@NexoFinance) February 1, 2021
In a statement, Nexo confirmed traders would have no limits on the number of trades made on the platform with a maximum amount of $50,000 set per trade. Additionally, the exchange will allow direct fiat deposits from bank transfers and wire transfers and allow crypto deposits and withdrawals from any other wallet or exchange.
Speaking on the capabilities that the new exchange offers in onboarding new clients, Nexo Co-founder and Managing Partner Antoni Trenchev said,
“Fast, transparent, and inexpensive transactions are the backbone of fintech, but making them easily accessible and secure in a seamless, intuitive environment is the single most important step towards mass crypto adoption.”
To prevent price fluctuations or slippage cases, Nexo exchange has integrated a “Smart Routing” system, an in-house innovation. The system connects to multiple exchanges and splits your orders according to the available prices and volumes, ensuring the order is executed at the same price as is submitted.
The statement did not mention the exchanges that will execute the trades. Still, a spokesperson from Nexo confirmed that the Smart Routing system would connect to five of the “most trusted and well-capitalized exchanges.”
The exchange is registered and ISO compliant to provide clients with an impeccable risk assessment, data protection, and state-of-the-art cybersecurity of their assets. Users’ assets in custody will be insured up to $100 million by the Lloyd’s of London.
Finally, the exchange is also building a full-suite banking platform announcing a series of product launches, including the Nexo crypto credit card. Furthermore, Nexo is also looking to expand its already broad banking licenses to strengthen its compliance with global regulators.