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NEXO Enjoys Gains After $300 Million Announcement

The Swiss crypto lending firm Nexo has announced impressive statistics from Q3 and Q4 of 2018, including $300 million in processed assets and user base growth to 170,000.

A blog post released by the company on Medium states:

“Nexo is proud to announce that $313,896,663.14 have been processed in just 7 months for its rapidly growing user base that at present exceeds 170,000.”

The post goes on to reveal that the annual dividend yield of the NEXO token is 4.8 percent, which is reportedly higher than all dividend stocks in the portfolio of famous investor Warren Buffet.

Nexo was created as a way to provide loans to customers in the form of cryptocurrency and provide a platform for users to earn interest on their crypto. Customers can also use their cryptocurrency as collateral for fiat loans in 45 different currencies. In just seven months the company has grown by 700 percent, selling eleven times more tokens than expected in their initial coin offering (ICO).

The report also details $912,071 that Nexo has distributed to NEXO token holders, a 30 percent dividend of the companies $3 million net profit. The company has its own guaranteed Crypto Custodian Insurance and is considered one of the largest providers of cryptocurrency loans in the world.

The NEXO token experienced a surge in value following the announcement but has since corrected slightly and is currently trading at $0.08 with a market cap of $44.7 million.

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