Nexo is a fintech application designed to give instant crypto-backed loans to users. The platform is powered by Credissimo, a leading fintech group that has been serving millions of customers across Europe for the past decade.
They have revealed the specifications for their first dividend distribution. Investors that qualify for the loan will be allocated $912,071 with an ex-dividend date of December 5th.
Nexo's Board of Directors is pleased to announce an interim dividend of US$912,071.00, to be paid on Dec 15, 2018.
Nexo is confident that its superior lending services will deliver sustained, long-term profitability & growing returns for NEXO Token Holdershttps://t.co/qR1UGRgpKi pic.twitter.com/mrFW4UUgax
— Nexo (@NexoFinance) December 3, 2018
Cryptocurrency holders who want access to fiat currency without having to sell any crypto can use Nexo’s loan service efficiently thanks to a technological solution called the Nexo Oracle. The Oracle is an independent system that performs real-time asset monitoring, loan setup, repayment analytics, automated notifications, data analysis, and wallet maintenance.
The process of receiving a loan starts with customers transferring their crypto assets to a Nexo wallet. Once the wallet is funded, the Nexo Oracle automatically calculates the customer’s specific loan limit based on the market value of their holdings. The loan is instantly made available to the customer via bank transfer or the free Nexo Credit Card.
An analysis of the current circulating supply shows that the payout per NEXO would equal $0.0017. Althoug this analysis assumes that the entire supply is available for loans. In reality, the payouts will be much higher per token.