Nexo Will Launch New Services With Goals To Become A Bank

Nexo will launch new services by the end of this year like an internal exchange but also considers launching prime brokerage and commercial banking services. Nexo also aims to become a “full-fledged bank” according to co-founder Antoni Trenchev as we are reading in our Nexo news.

The new internal exchange will enable its users to exchange between different assets from their own wallets as well as giving them the opportunity to change the collateral. Another business idea is a Nexo Mastercard which will be limited to Europe initially, according to Trenchev:

 “This will be a very huge boost for the entire company.”

The company crossed the 1 million thresholds for registered users and there are thousands more that interact with the platform on a daily basis. Though he was not able to share the numbers, about half of the people are earning on fiat currencies while others are earning on their crypto. The company also processed more than $3 billion in 200 jurisdictions. The two most used products were the crypto-backed loans for which the company stated:

 “You can stack whatever asset you have, and you can earn interest on it.”

Nexo will launch even more services thanks to its long-standing relationship with Litecoin and Charlie Lee. Both of them had a “crowning moment” once they were given credit lines against LTC back in September. Trenchev explained:

 “And what we saw is a spike in deposits of litecoin. I think it went up to something like 40% the week after announcing it, so these were tangible results out of this partnership. But right now, we are focused on generating the highest possible yield for our clients and investors in a manner that we are fairly certain is very safe for them.”

Nexo will expand to the US and San Francisco but the plans were delayed because of the COVID-19 pandemic. According to the co-founder, the token itself will be classified as security back in the United States which is an obstacle for the company to start offering certain services for US users:

 “But still, this is like a single percentage of our overall portfolio of products that we cannot serve to the US. So I don’t think we have any big regulatory challenges” as Trenchev said.