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Has anyone used Nexo Finance?

  • 19-07-2019 10:41am
    #1
    Registered Users Posts: 2,723 ✭✭✭ stockshares
    Registered User


    Im not shilling this. I only became aware of Nexo Finance when it showed up in my Twitter when Xlm said they had been accepted as a currency on it..
    https://nexo.io/

    As I understand it, they are backed by Goldman Sachs and your money is held by Lloyd's Bank in London.

    Currently, the minimum loan amount you can take/withdraw is $500. The maximum loan amount is $2,000,000.

    They provide loans in cash if you place your Crypto with them as Collateral.
    There is a 50% loan to value ratio.

    Therefore to get a loan of $500 you need to place $1000 of your cryptocurrency with them as collateral.

    To repay the loan the Apr is 16% or 8% if you use Nexo Tokens as Collateral.

    If you lodge Fiat with them you can earn 8% Interest per year. They also have a Nexo credit card.

    Review of it here
    http://cryptoloancompare.com/crypto-loan-reviews/nexo-loans-review/


Comments

  • Registered Users Posts: 2,723 ✭✭✭ stockshares
    Registered User


    Lads, has anyone used this service or heard of anyone using this service since my original post.

    Im interested in using it as it may be a good alternative to regular banking.

    If they have can you let me know if you find it trustworthy or not.

    Thanks


  • Registered Users Posts: 6,026 ✭✭✭ grindle
    Registered User


    Dunno anybody using it, but Michael Arrington's an early founder and advisor to Nexo. He's probably the most well-connected man in Silicon Valley and used to be the tech journalist held in highest esteem before he retired from that, so it doesn't seem like your typical shítcoin scam project.


  • Registered Users Posts: 2,723 ✭✭✭ stockshares
    Registered User


    grindle wrote: »
    Dunno anybody using it, but Michael Arrington's an early founder and advisor to Nexo. He's probably the most well-connected man in Silicon Valley and used to be the tech journalist held in highest esteem before he retired from that, so it doesn't seem like your typical shítcoin scam project.

    Thanks, your opinion means a lot.
    I was thinking with Xmas around the corner it might be a better option than possibly selling some coins.

    Have you any idea how their security compares with Exchanges such as Coinbase for example?


  • Registered Users Posts: 6,026 ✭✭✭ grindle
    Registered User


    I'd presumed as it's a blockchain service that the smart contracts are the service, so... The funds are as secure as you are, you're the custodian, no? I'll have to watch their video to see how it works.

    Or you can, and then you can tell me. :P


  • Registered Users Posts: 2,723 ✭✭✭ stockshares
    Registered User


    grindle wrote: »
    I'd presumed as it's a blockchain service that the smart contracts are the service, so... The funds are as secure as you are, you're the custodian, no? I'll have to watch their video to see how it works.

    Or you can, and then you can tell me. :P

    As I understand it the customer sends their Crypto to Nexo and nexo use BitGo to secure the coins. Once they receive the crypto you have access to your loan.

    They could do with making the process clearer or on their website.

    They have brought out a new Mobile App also. im not sure how that affects things.


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  • Registered Users Posts: 6,026 ✭✭✭ grindle
    Registered User


    Oh.
    I wouldn't care about that then. It's like Revolut but for loans and directed towards shítcoin merchants like us.


  • Registered Users Posts: 7,055 ✭✭✭ JohnnyFlash
    Registered User


    grindle wrote: »
    Dunno anybody using it, but Michael Arrington's an early founder and advisor to Nexo. He's probably the most well-connected man in Silicon Valley and used to be the tech journalist held in highest esteem before he retired from that, so it doesn't seem like your typical shítcoin scam project.

    He’s balls deep in tether and BSV as well. So he’s absolutely involved in, and advocating for, complete shïtcoins. And he appears to be about as popular in Silicon Valley as an outbreak of the clap.


  • Registered Users Posts: 2,723 ✭✭✭ stockshares
    Registered User


    grindle wrote: »
    I'd presumed as it's a blockchain service that the smart contracts are the service, so... The funds are as secure as you are, you're the custodian, no? I'll have to watch their video to see how it works.

    Or you can, and then you can tell me. :P

    Are you aware of anyone who provides a loan service using Smart Contracts. It seems odd that Nexo dont use smart contracts and let the customer hold their own coins/keys.

    The text below is taken from the Link in the OP which was a Review of Nexo which was in Nov 2018
    "Nexo Loan Collateral
    Nexo lodges collateral with BitGo a leading cold storage provider. BitGo is the custody solution of choice for many large crypto companies and claims to secure over $2bn in crypto assets. Bitgo’s investors include Hedge Fund Billionaire Mike Novogratz and Goldman Sachs.

    Nexo Areas For Improvement
    We’d like to see independent confirmation from BitGo that the collateral Nexo doest collect from customers is actually lodged with them. We’d also like to know more about Nexo’s cold and hot wallet systems to feel more comfortable about lodging our crypto collateral with them.

    We’d like to see an improved FAQ section with more comprehensive answers. It seems the same questions are asked in the Nexo Telegram group time and again. Nexo should address all known customers concerns up-front and in detail directly on their website, thereby saving potential customers from having to spend time asking them to Nexo customer support staff."


  • Registered Users Posts: 6,026 ✭✭✭ grindle
    Registered User


    He’s balls deep in tether and BSV as well. So he’s absolutely involved in, and advocating for, complete shïtcoins. And he appears to be about as popular in Silicon Valley as an outbreak of the clap.

    Eh, he had a bad break with some #metoo allegations. Tech journalism was a very sterile affair before he was around but he was buddies with pretty much everybody and they were all snitching to him about their company's inner working, he was a scoopmonster (bit like yourself, loves a few scoops). Then he sold to AOL and TechCrunch became the crusty white dogshít of journalism, all clickbait no substance. Their best writers formed PandoDaily after that and unfortunately sold it a little over a week ago.

    BSV: https://twitter.com/arrington/status/1133912393510076416
    Doesn't seem he's an advocate any more, plus he was offering support to Peter McCormack in the court case CSW was pushing for.

    Not sure why he bought the LEO token, he might be friends with somebody there or Bitfinex might have offered some percentage points over cost for the buyback and burning of it once they got stable again.


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