- Can you tell us in 30 seconds or less what Nexo’s mission is?
Nexo’s mission is to provide the easiest, fastest, most secure, and reliable crypto lending service to businesses and individuals of all shapes and sizes. Should you want to leverage your capital, Nexo allows you to do that instantly in 40+ currencies across 200+ jurisdictions.
- What team accomplishment are you most proud of at Nexo?
There have been many accomplishments in the past year that our team reached. I am especially proud that the Nexo platform was launched just a month after the private token sale was closed. We also succeed in building a profitable business, generating $3,040,239 in profit, 30% of which was distributed as dividend payouts to NEXO token holders. Very few projects in the blockchain space can share such achievements and in this respect, we stand out from a lot of other companies in the crypto space, which never built what they said they would build.
- Why are you passionate about cryptocurrency / how did you get involved in the industry?
Once you understand the speed, efficiency, and borderlessness of cryptocurrencies, you instantly see the size of their potential. That is what got me to initially dig deep into Bitcoin, then into Ethereum, and eventually, that is what got me into Nexo.
- Who are some of your project’s biggest competitors and how are you going to either beat them or co-exist?
Nexo is the result of over a decade of experience in the credit space. Owing to this, we have approached the entire project in a fundamentally different way than any other crypto lender. Troubles at some of our competitors quite clearly show that running a credit facilitation business is not so easy and raising successfully tens of millions of dollars via an ICO might end up being detrimental in the end if you lack the right experience.
Our process automation expertise is rivaled by few and hence our platform provides instant crypto loans, the emphasis being on “instant”. No one else is nearly as fast as us. You can check out the plethora of testimonials of happy Nexo customers on Twitter. Most companies in the crypto-lending space deploy archaic manual processes and receiving their loans can sometimes take weeks! The 21st century is fast, the blockchain space is even faster. Fewer and fewer people are willing to wait for something they believe should be instant and distributed technology proponents are amongst the most impatient ones. Speed and efficiency, eliminating unnecessary middlemen and the freedom to structure your finances as you see fit — these are some of the reasons why Satoshi came up with Bitcoin in the first place.
I would also say that we too are ambitious, certainly much more than the competition. Most of them confine their vision to lending against crypto assets and even in it, they do not push the boundaries. Some focus on one or two markets, others on one or two currencies (usually either USD or EUR). Nexo is running a truly global operation servicing loans in 40+ fiat currencies across 200+ jurisdictions.
On the grand scheme of things, we are the only ones looking to acquire a bank in the US and clear a banking license in Europe. Both are progressing quite well and these steps open up enormous possibilities.
- If you have a token, what is it used for?
Yes, we have the NEXO token, which is both a security and a utility token. On the one hand, Nexo tokens allow you to get a 50% discount on the interest of the loans you take, if you use NEXO tokens as collateral or if you repay your loan interest with Nexo tokens. On the other hand, as I mentioned we pride ourselves to paying out dividends to our token holders. NEXO token holders have the right to a dividend from the company’s profits. 30% of Nexo’s profits are distributed to its token holders. And the first dividend payout became a fact on December 15. In the course of 7 months of operations, the Nexo Enterprise generated a net income of $3,040,239. This resulted in a dividend payout of $912,071.00 to NEXO Tokens.
The annualized dividend yield of NEXO is 4.80%, which beats all dividend stocks in Buffet’s portfolio: Apple 1.4%, JPMorgan 3%, Wells Fargo 3.3%, Goldman Sachs 1.6%.
- What is your company’s revenue model?
We charge one interest rate on every loan clients withdraw. That’s it. We have zero other fees. And this is one of the main reasons our clients love Nexo.
- Who’s the most interesting person you’ve met in the industry? Tell us a story!
The crypto industry is filled with extremely intelligent people. That is an added benefit I have been enjoying since entering the crypto space. I would not point to one person as that would belittle all other intelligent folks I have come across.
- What advice would you give to other entrepreneurs in the blockchain space?
My advice to entrepreneurs is to focus on industries they actually understand and on building a product that people actually need. Once you identify a pain customers have, build a team of quality people who have the core skills needed to create the product. This will allow you to build a good product addressing an actual need, which will let you charge customers and get the financial fuel to grow even more.
Most entrepreneurs fail for three reasons: they are not solving a real pain, they don’t have a good team, or they don’t have fuel to grow the product and the company.
Visit Nexo today and get your crypto-backed loan!