Global leader in cryptocurrency lending and savings accounts Nexo, raises yields on digital assets savings accounts and introduces a new feature ‘Earn in NEXO’ as part of its Nexonomics initiative.
Nexo, a leading and regulated financial institution that allows its clients to earn daily compounding interest on cryptocurrency, EUR, GBP and USD, has announced a 100% increase in cryptocurrency savings account interest rates for BTC, ETH, XRP, BCH, LTC, EOS, LINK, XLM, TRX, and PAXG.
This represents a significant increase of 1% in savings interest rates across its supported digital assets and brings the interest rate up to 6% APY, which previously ranged between 4% and 5% on cryptocurrency assets.
With the introduction of the platform’s new 'Earn on Crypto' product, the interest rate is increased to 8% APY for cryptocurrencies and 12% APY for fiat currencies and stablecoins. The new product allows clients to opt to receive a payout in the platform’s native NEXO tokens, regardless of the asset amount held in a Nexo wallet.
The incentive brings a competitive yield for its clients with an extra 2% interest on all digital assets in a Nexo savings account and to hold on NEXO tokens to help the platform scale its native token economy. Nexo, Co-founder and Managing Partner, Antoni Trenchev stated:
“With volatility rife around the second COVID wave and exacerbated by the US elections, we want to give our clients the financial stability and opportunities to guarantee their peace of mind – now and for the future. Few financial service providers can offer this. That Nexo can raise interest rates and scale up the NEXO’s tokenomics in times like these confirms how vital it is to maintain a sustainable business model and the importance of a market-neutral strategy.”
The interest rate increase and launch of Earn on Nexo is devised to increase the presence of NEXO in a competitive space, its native token utility and market value. This announcement represents the first of a series of upcoming upgrades and new functionalities under the Nexo Nexonomics initiative, which will be progressively revealed during December 2020.
Nexo is the world's largest and most trusted lending institution in the cryptocurrency industry. Since the company’s inception in 2018, Nexo aims to disrupt the traditional world of finance and empower thousands of people to harness the value of cryptocurrencies and shape a better financial system. Nexo’s products allow its clients to apply for instant cash loans or high-interest savings account by unlocking the value of their crypto wealth without having to sell or liquidate while retaining the assets upside potential. Nexo has seen astronomic growth and processed $3+ billion for nearly 1 million users across more than 200 jurisdictions in the world.
For further information, visit the official website: https://nexo.io
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