Nexo doubles the gains on crypto interest rates
Financial institution increases returns on cryptocurrency savings and introduces Earn in NEXO feature as part of tokenomics model overhaul Nexonomics
Nexo, the leading financial institution regulated for digital assets, today announced a doubling of interest rates on savings for cryptocurrencies BTC, ETH, XRP, BCH, LTC, EOS, LINK, XLM, TRX and PAXG, offering returns of up to 8% APY through its Earn on Crypto product.
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Nexo’s new Earn UP and Earn in NEXO features offer interest rates of up to 12% APY to platform clients. (Photo: Business Wire)
The substantial hike constitutes a 1% increase in interest rates on savings on all supported cryptocurrencies, bringing the rates on these assets to 6% APY. The introduction of Earn in NEXO offers an additional 2% APY for savings on all digital and fiat assets of the Nexo platform, respectively raising the maximum interest rates for the Earn suite to 8% and 12% for cryptocurrencies, and fiat and stablecoins.
The addition of Earn in NEXO to the company’s lineup – a feature that allows customers to earn interest on Nexo’s native token regardless of assets held and volume – also marks the company’s launch. Nexonomics countryside.
“With the volatility surrounding the second wave of COVID and exacerbated by the US election, we want to give our clients financial stability and the opportunities to ensure their peace of mind – now and in the future. Few financial service providers can offer this. That Nexo can raise interest rates and expand the symbolism of NEXO at times like these confirms how vital it is to maintain a sustainable business model and the importance of a market neutral strategy, ”said said Nexo co-founder and managing partner Antoni Trenchev.
Increase in interest rates and launch of Earn in NEXO is the first in a series of announcements under the lender Nexonomics initiative, designed to extend Nexo’s tokenomics model and NEXO, the utility and value of the company’s tokens, while simultaneously amplifying the potential of the Earn on Crypto & Fiat suite. The full scope of Nexonomics, including a variety of upcoming upgrades and features, will be revealed in December 2020.
Previously, Nexo’s interest rates ranged from 4% to 5% on cryptocurrencies and 8% to 10% on fiat and stablecoins. The launch of Nexonomics also comes right after several Nexo upgrades Earn on Crypto & Decree following, including the decision to introduce a PAX Gold earnings offer to satisfy community interest in tokenized gold.
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Nexo is the world’s first regulated financial institution for digital assets. The company’s mission is to maximize the value and utility of cryptocurrencies by offering tax-efficient “ Instant Crypto Lines of Credit ”, high-yielding “ Earning Interest ” products, “ “ Send and Pay ” and sophisticated trading and OTC capabilities, while providing military-grade security and custody assurance of the Nexo wallet. Nexo has processed over $ 3 billion for nearly one million users in over 200 jurisdictions.
Official site: https://nexo.io
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