Nexo Bank ICO: Cryptocurrency Overdraft & Bank Loan Services?

OVERVIEW	INFORMATION
Date	Presale		February 2018
	Open		March 2018
	Closing		April 2018
Max Supply	750 Million NEXO Token
Concept	The NEXO Token is the world’s first US SEC-compliant dividend-paying asset-backed security token with additional utility features, that will be offered as a security to qualified investors in accordance with US and other laws.
Symbol	NEXO	ECAT	ECAT	ECAT	ECAT
Website	https://nexo.io/
Blockchain	ERC20	ERC20	ERC20	ERC20	ERC20
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Nexo promises to offer the world’s first instant crypto overdrafts. Find out how the platform works today in our review.

What is Nexo Bank?

Nexo Bank, found online at Nexo.io, is a crypto overdraft system that allows users to avoid selling their crypto. You can use your crypto as collateral, then withdraw cash. You maintain access to your cryptocurrency – and the upside of your crypto holdings. At the same time, you can access the value of your crypto assets.

Nexo is a product from Credissimo. Since inception in 2007, the company has granted $120 million in loans while collecting $155 million in cash. The company is audited by Deloitte. Credissimo launched Nexo in 2017.

How Does Nexo Work?

Nexo seeks to combine instant loans with blockchain technology, creating the world’s first instant crypto overdraft system. Users can enjoy their crypto wealth today without selling their crypto assets.

You use your crypto assets as collateral, then withdraw cash.

The goal of Nexo is to solve the lack of financing for the new digital economy. To accomplish that goal, Nexo will rely on the 10+ years of experience from its founding company, Credissimo, which is seen as a market leader in several European countries.

Core functions of the Nexo platform include:

• Unlock the value of your digital assets
• Retain asset upside potential
• Enjoy quick and convenient access to financing
• Based on secure blockchain technology

Using Nexo is straightforward: you can access the value of your digital assets simply by placing your funds into an Overdraft Wallet. Once your funds are in that wallet, you can obtain an instant overdraft in fiat currencies (like EUR or USD) or cryptocurrencies.

What Problems Does Nexo Bank Seek to Solve?

Nexo seeks to solve a number of major problems in today’s digital ecosystem. Some of the problems listed on the Nexo.io website include:

Idle Value of Digital Assets:

Investors around the world 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.

Nexo Bank aims to solve this problem by unlocking the value of digital assets, allowing clients to obtain an instant overdraft in fiat currencies or cryptocurrencies by placing their digital assets in an overdraft wallet.

Slow Liquidation PRocess:

Converting crypto to cash today is a slow and inefficient process. Crypto has a slow liquidation problem. It can take anywhere from a few days to several months to complete liquidation of your digital assets.

Nexo will allow users to 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.

Loss of Ownership:

Users who want to access cash from their crypto assets today need to lose ownership of their digital assets. Users are forced to lose ownership in order to pursue a lucrative investment opportunity or meet a short-term liquidity need, for example. With Nexo, clients can retain 100% ownership of their digital assets.

Expensive and Tax Inefficient:

Digital assets are expensive and inefficient for tax purposes. By selling a digital asset, its owner incurs exchange and withdrawal fees and becomes liable to capital gains tax, which means short-term liquidation an expensive and tax inefficient solution. Nexo, on the other hand, aims to provide affordable, flexible, and efficient crypto overdrafts that do not incur any tax liabilities.

Cumbersome Credit Checks:

Typically, accessing unsecured financing requires lengthy and cumbersome credit checks. Just checking your credit can lower your credit score. Nexo offers a system with instant crypto overdrafts and no credit checks.

Lack of Trust and Transparency:

Transactions in digital assets are often settled through P2P agreements that lack security and transparency on both sides. Nexo solves this problem with transparent contracts built on the blockchain. You can view the terms of your overdraft contract by checking the blockchain.

Who Should Use Nexo?

Nexo can be used for a number of different purposes. Some of the possible Nexo clients include:

Cryptocurrency Investors:

Cryptocurrency investors can receive immediate funding based on the market value of their bitcoin, Ethereum, or other liquid cryptocurrencies.

Crypto Miners:

Miners can cover the capital expenses of mining by opening an instant crypto overdraft.

Hedge Funds:

Hedge funds that have invested in cryptocurrencies can leverage their portfolio by obtaining instant crypto overdrafts from Nexo, allowing them to take advantage of new investment opportunities.

Cryptocurrency Exchanges:

Exchanges can use Nexo overdrafts to raise necessary funds to finance margin lending and trading services.

ICO and Crypto Companies:

Instead of selling cryptocurrency raised from an ICO or generated in the course of business, crypto companies can setup an instant crypto overdraft to access capital without selling their raised digital assets.

Gamers and VR Users:

Gamers and VR users transact valuable in-game items. These gamers can avoid selling their items while still using the value of these items to obtain a Nexo overdraft.

How to Use Nexo

Here’s the basic process you use to obtain an overdraft with Nexo:

• Step 1: Transfer cryptocurrencies or digital assets to your Overdraft Wallet
• Step 2: Receive an instant overdraft
• Step 3: Repay the overdraft at the pre-agreed interest rate and term
• Step 4: Withdraw your cryptocurrencies or digital assets from your Overdraft Wallet

Who’s Behind Nexo Bank?

Nexo is a product from Credissimo, a leading European fintech company founded in 2007. That company has granted $120 million in loans since inception while collecting $155 million in cash.

The company is seen as a market leader in the online consumer lending segment in several European countries. They’ve processed 1 million+ loan applications to date, with 79,000 loans granted in 2017. 78% of its traffic comes from returning customers. The company also has a net income margin of 35%.

Credissimo was founded by four entrepreneurs. Nexo, meanwhile, was created in 2017. The company is headquartered in Zug, Switzerland.

Nexo Bank ICO Conclusion

Nexo wants to make it easier for investors to access the value of their crypto assets. With Nexo, users can deposit crypto assets into an Overdraft Wallet, then withdraw an instant overdraft in fiat currencies or other cryptocurrencies.

To learn more about Nexo and how it works, visit online today at Nexo.io.