Nexo to Be Listed on a Major Exchange This Week
On April 30, Nexo’s platform went live, offering instant crypto-backed loans for the first time. A couple of days prior, we had published an article about the launch, which prompted us to dig a little deeper and see if there were any other exciting new plans for Nexo coming down the pike.
We got a chance to speak to Yasen Damyanov of Nexo Business Development, who revealed that on Friday, May 10, a major exchange will be listing NEXO. This is a pretty significant development, primarily because Nexo already has a working product, as opposed to many other projects whose tokens get listed while the product is still in early development phase.
In Damyanov’s own words, “it happens quite rarely in the crypto world for a project to launch its product before the tokens hit the exchange.”
While the team is currently focused on making sure that the May 10 listing goes through according to plan, this is far from the biggest news concerning Nexo to come out lately.
So far, Nexo has accrued more than $1 billion in Instant Crypto-backed Loan Requests. During the ICO, Nexo raised $52.5 million (hard capped), even though consumer interest indicated an 11x oversubscription. With more than 52,000 Telegram and 27,000 Twitter followers, Nexo is backed by a passionate community of crypto enthusiasts who believe in Nexo’s vision and capacity to revolutionize the way we handle and monetize our digital assets.
For investors, holding NEXO tokens is particularly appealing due to the passive income they provide: 30% in dividends for life paid in ETH.
On the other hand, consumers who take out Nexo loans are almost receiving free money, since their collateral (digital asset of choice) can still appreciate, with all of the profits going to the owner of the digital asset, not to Nexo directly.
For that reason, if you are an early investor, it seems like a good idea to HODL and not sell early, especially immediately on the day of listing, as you could potentially miss out on the massive opportunity to earn larger returns, especially when Nexo is in the financial position to pay out dividends.
Nexo Exchange Listing
NEXO Tokens were distributed at the same time when the Nexo platform launched on April 30th, 2018.
Nexo was first listed on IDEX, a small decentralized exchange which specializes in Ethereum (ERC-20) tokens. According to data from CoinMarketCap, IDEX offers a total of 257 ERC-20 tokens for trade, all of them against ETH.
However, IDEX has been experiencing a lot of downtime, prompting a large number of users to complain on Twitter. Many of them are anxious to find out when Nexo will be listed on a more reliable exchange platform. As one user said, “the only positive thing about IDEX being down is that the demand for NEXO will be massive.”
Over the weekend, NEXO got listed on EtherDelta (ForkDelta) and DDEX, both of them decentralized exchanges for Ethereum and Ethereum-based tokens. The trading volume on these two exchanges quickly surpassed that on IDEX, with the NEXO/ETH trading volume reaching $1,592,350 on DDEX and $706,500 on EtherDelta over a 24h period.
Yet, all of this is only a prelude, with much bigger things to come on Friday, May 10.
Nexo had previously revealed through its official channels that “NEXO Tokens are hitting official exchanges this May”, adding that it will definitely be on a Top 10 exchange by volume.
Which exchange will it be, though?
According to info from Nexo’s official Telegram channel, they have been in negotiations with multiple prominent exchanges for a while. It is quite possible that the exchange chosen by Nexo could soon become the first crypto exchange for security tokens regulated in the US.
Several major exchanges are currently working on being verified as an “alternative trading system“, which would allow them to trade security tokens and gain a large market share immediately.
In any case, Nexo will certainly be listed at an exciting time, its value potentially increased not only through its own merit, but also by the tidal wave caused by the upcoming regulatory overhaul.
If you know very little about Nexo in general, feel free to take a look at Nexo’s introductory video below, or visit the company’s official website.