*This Nexo post is sponsored as part of our ICO Whitelists Insider series.
Public Pre-Sale: March 7th
Hard cap: $50m USD
Public sale: 70%
Founders and team: 15%
Community building and airdrop: 8%
Advisors, Legal and PR: 7%
In a bid to help investors hold onto their cryptocurrency without selling before a potential rise in the market, Nexo has released the world’s first crypto overdrafts.
With the expected rise of digital assets to $5 trillion by 2025, Nexo is encouraging investors to hold onto their cryptocurrency, and instead receive instant funding based on the market value of their currency.
This can be either Bitcoin, Ethereum or other liquid cryptocurrencies, tokenized assets or utility tokens.
Users will receive a free credit card with a flexible overdraft limit and multiple repayment options.
That means they can pay in local currencies – and there are no fees.
Nexo also uses state-of-the-art technology, with card and wallet encryption and full-time fraud monitoring.
Who is behind Nexo?
The team behind Nexo are largely from Credissimo – which is the company powering Nexo – a leading FinTech Group, which was one of the first systems to allow loan repayments in cryptocurrencies.
Managing Partners Kosta Kantchev, Georgi Shulev and Antoni Trenchev hold strong backgrounds in FinTech, banking, finance and business. Trenchev has been a Member of Parliament in Bulgaria.
They’ve got a strong team behind them, including a set of three advisors – the Founder of TechCrunch/Arrington XRP Capital, Michael Arrington, the Founder and CEO of Polymath, Trevor Koverko and Leading Payments & Cards Expert, Ugo Bechis.
What is the utility of the token?
Nexo’s whitepaper states that the 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’.
Token holders will pay lower interests when repaying their Nexo overdraft with their Nexo tokens.
Tokens can also be used in the overdraft wallet to obtain instant financing.
Additionally, 30% of the company’s profits will be shared with its token holders.
Why is it on the blockchain?
The company believes that blockchain technology is ‘perhaps the single most exciting innovation’ and adds that one of the first industries to be disrupted – with good reason – is Financial Services.
Without the blockchain, the company would not be able to utilize tokens, and it’s whole business model is based on cryptocurrency.
You can join the Nexo whitelist here: www.nexo.io.