Crypto Lending Platform Nexo Launches In-app Cryptocurrency Exchange Service

Announcements, News | February 2, 2021 By:

Crypto lending platform Nexo has announced the launch of its in-app Nexo Exchange to allow instant limitless native trades of more than 75 crypto and fiat currency pairs.

Nexo is a regulated financial institution for digital assets with $4 billion in assets under management. The company offers tax-efficient ‘Instant Crypto Credit Lines, high-yield ‘Earn Interest’ products and ‘Send & Pay’ capabilities for clients to maximize the value of cryptocurrencies, while ensuring $100 million custodial insurance and military-grade security of the Nexo Wallet. Nexo claims to have processed more than $3 billion in 40+ fiat currencies for 800,000+ users across more than 200 jurisdictions.

In a press release, the company said that Nexo Exchange allows immediate, no-limits conversion between more than 75 crypto and fiat currency pairs directly within the Nexo mobile application, guaranteeing best-price swaps thanks to its ‘Smart Routing’ system. This system simultaneously connects to multiple exchanges and splits orders depending on price per volume to provide a fixed quote at order submission, thus ensuring no price fluctuations occur as with most exchange services.

The new exchange also provides an on-ramp to crypto for newcomers to the space, and facilitates access to the company’s native NEXO Token, eliminating the need for third-party services for its acquisition and trade. As such, it plays a vital role in Nexo’s ongoing tokenomics overhaul Nexonomics and pushes for greater crypto adoption, supporting the long-term development of a healthy token and digital economy.

“Fast, transparent, and inexpensive transactions are the backbone of FinTech, but making them easily accessible and secure in a seamless, intuitive environment is the single most important step towards mass crypto adoption,” said Nexo Co-founder and Managing Partner Antoni Trenchev.

Trenchev added that beyond a significant addition to their line-up in its own right, the Exchange contributes to the efficiency and flexibility of the company’s existing services and boosts the utility, liquidity and growth potential of the NEXO Token.

“In complementing our entire offering, this new tool illustrates Nexo’s holistic business mindset – building not just solutions, but a comprehensive and sustainable digital asset management ecosystem accessible to all,” Trenchev said.