Lending Platform Nexo Launches Crypto Exchange Service
Three years after establishing its cryptocurrency lending and savings platform, Nexo has launched an exchange to allow users to trade several crypto-to-crypto and fiat-to-crypto pairs.
The cryptocurrency lending provider stated in a press release today that its users can now trade up to 75 cryptocurrency and fiat pairs via its in-app exchange.
Unlike regular cryptocurrency exchanges that offer fluctuating prices for crypto assets, the Nexo exchange will leverage its newly-built “Smart Routing” feature that will automatically connect to popular trading platforms to provide the most competitive price for an asset.
As per the announcement, Nexo will do this by splitting customers’ orders depending on the price of a crypto’s volume and providing a fixed valuation when the order is submitted.
“Fast, transparent, and inexpensive transactions are the backbone of fintech,” Antoni Trenchev, Nexo Co-founder and Managing Partner, said in the announcement.
He added that when these features are made accessible to clients in a secure and intuitive environment, it could contribute to crypto mass adoption.
While Nexo did not state the names of the supported cryptocurrencies, the firm noted in the announcement that the service would lead to the growth of its native digital currency, NEXO.
“The Exchange [will] boost the utility, liquidity, and growth potential of the NEXO token,” Trenchev added.
NEXO Jumps 500% In 3 Months
Recall that the NEXO token is among the few cryptocurrencies rallied alongside the world’s largest cryptocurrency, Bitcoin (BTC), late last year.
$NEXO, which was trading at $0.17 on November 1, 2020, has increased by more than 500% up to the hour leading to press time.
According to data on Coingecko, the altcoin touched $0.95 after gaining a 14.55% increase in the last 24 hours. At the time of writing, the cryptocurrency is trading at $0.93.
Launched in 2017 in Bulgaria, Nexo allows crypto users to obtain fiat and stablecoin loans while collateralizing their cryptocurrencies.
The initiative currently supports over 40 fiat currencies, including the United States dollars (USD), Euro, and Pound Sterling.
With the addition of a cryptocurrency exchange platform to its list of services, Nexo is on track to being regarded as the retail banking institution for the cryptocurrency industry.