The Nexo crypto lender will pay out about 30% of its yearly net profit to the holders that are staking their tokens as we are reading more in the latest Nexo news.
On August 15th, the NEXO crypto lender will pay out $6.1 million worth in dividends to the holders of the token according to a press release:
“This payout marks a 154.32% increase on the dividend distributed in 2019 and comes against the backdrop of financial volatility and uncertainty spurred by the COVID-19 pandemic.”
NEXO is a centralized company that offers interest for everyone that wants to lend their crypto as opposed to decentralized finance applications that can be done without a third party with a greater risk. The company distributes about 30% of the net profits to everyone that holds and stakes the native token. Antoni Trenchev, the co-founder of NEXO said:
“Our profit this year unequivocally showcases Nexo’s development and staunch resilience to what are perhaps the toughest market conditions since the 2007 economic crisis.”
The company later paid out just over $2.4 million in dividends that are distributed proportionally to eligible NEXO token holders that are based on the net profit of $8 million in the first two quarters of 2019. Trenchev added that digital finance products will in the near future bridge the gap between digital and mainstream finance. The DeFi hackers keep occurring as the future could be not so close.
The crypto lending platform Nexo and blockchain oracle network Chainlink want to boost the crypto adoption and adoption of digital assets by integrating Chainlink’s oracle system into Nexo’s lending and trading operations. This way they will improve security and efficiency. Nexo will also expand their services in a way that they can boost the adoption of crypto-based financial ecosystems and enable the platform to provide increased custody of funds, bigger loan volumes, and active over-the-counter desk operations. This was a notable integration of the many that the network has seen. Nexo is the latest company to announce oracle integration which will be utilizing the network to create on-chain audits trails for its lending and borrowing operations.
The platform is very convenient and benefits people who urgently need the money and want fast processing of their loans. To do this, one needs to open an account with the loan providing agency and then deposit the required crypto assets in the account of the service provider.
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