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Nexo brings the Cryptocurrency backed Loan service

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The web is the arsenal of knowledge and information which is arguably considered to be the fourth industrial revolution. However, the Financial Services Industry is perhaps the only sector that is driven under the immediate threat of this modern day technology.

Although the world’s financial sectors and its industries probably have been the most rigid industries out there, and it is also a part of the reason that due to lack of viable options & high stakes it has been so. However, there has been a change in the scenario over the past couple of years.
And Blockchain is that boon of technology that made it possible to take over the financial industry’s load.

Although being a highly disruptive technology, in order to adopt large-scale sector, it is quite necessary to give up on the older systems. Apart from that, there are some significant drawbacks that the cryptocurrency market doesn’t offer yet to its thriving community. And therefore to reconstruct the finance sector, the market has to consider adding these services into their bucket list. And among which one is the option to take loans which is the most important service that the cryptocurrency industry is lacking. And this is where the Nexo comes in, with their revolutionizing idea to change the market. To be more specific they bring a solution for instant loans against cryptocurrency holdings is fulfilling the major purpose of cryptocurrency market and the blockchain industry’s biggest voids.

Powered by a Europen FinTech company called Credissimo, that provides loans and lending services to people, has started this voyage of worlds the first crypto backed instant loan providing service.
And so bringing these kinds of innovative service into the practical world, it is solving the real issues that both investors and the market is currently plagued.

Here are some of the significant issues that Nexo is going to solve with its services in the near future:

Idle Value of Assets
Slow Liquidation Process
Loss of Ownership
Transaction Fees
Lack of Trust

And here are the insights of its following product lineup:

The Wallet: The platform provides a wallet in order to apply for the loan.

The Receiving of Loan: Based on the amount of money the user requires to transfer to the wallet, the loan amount is fixed on that basis. And similarly keeping the requirement of the user in mind the loan will be sanctioned, and the fiat currency will be instantly credited to their account right away.

The Repaying of the Loan: The loan is sanction over a smart contract, which deals with the paying back part and which is directly debited by the company from the wallet when the tenure of the loan is up.

The Withdrawal from Wallet: After the user is done with the payment of the loan, then whatever cryptocurrency is left over in the wallet is again transferred back to a wallet with users consent.

Apart from that, Nexo users can also apply for Nexo Credit Card

Vishal Saha, a guy who often remains obsessed crawling the web, also keeps a deep interest in the world of Cryptocurrency & Blockchain Technology. Apart from being a blockchain reporter, writing is also an integral part of his life and always prefers to be surrounded with geeky stuff, and try to keep up with the current affairs.

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