I first got into Nexo in their ICO of 2018 and I remember when the platform just started with a web browser wallet that was able to hold 4 coins BTC, ETH, XRP & LTC. They have now come a long way building out their platform web and app based with a wallet that can now support over 70 of the top cryptos and main fiat currencies, created a very easy to use crypto backed loans system (good for using in a bull market when crypto prices are rising and you do not want to sell your assets but need cash or stablecoins), have high interest yield savings on alot of their platform pairs and that lastly an exchange which is also very easy to navigate for any newbie (however the spreads on this exchange are not the greatest).
They have also drastically increased the security mechanisms on their platform and constantly increased the amounts insured. The current insurance standings I believe are up to $150M on Ledger Vault through a customized insurance program backed by Arch and Marsh and Nexo users also benefit from $125M of insurance in place at the Bakkt Warehouse.
From what I understand Nexo in 2023 are trying to move away from the centralised world they have constantly been revolved in since their launch and are trying to move into the DeFi world. I think this is a good strategic move as this is one of the main critiques I could give the company operating in a supposed crypto/decentralised industry. The 'Earn with DeFi' feature they are rolling out lets you supply assets and generate yield in a couple of clicks via accessing it directory from your Nexo Wallet and is one to maybe look out for and could be a start of the platforms bigger shift into the DeFi world.
The only reason I can't give them 5 stars for their progress is yes, over time they have improved and constantly grown their business as a whole but they have not really improved on their NEXO token utility. It is still a very basic model of a kind of loyalty tier program token, where the more NEXO tokens you have on their platform get you into higher level tier where the interest rates you can earn on your assets increase, the borrowing rates on their crypto backed loans are lowered and you can increase the number of free withdrawals on their platform. Show Less
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