Nexo dodges $219M bullet just days before FTX’s solvency crisis
The firm withdrew its remaining balance from FTX at the 11th hour and topped weekly fund outflows from the troubled exchange. According to a Nov. 8 tweet, crypto lender Nexo currently has net zero exposure to the ongoing crisis embroiling cryptocurrency exchange FTX and crypto trading firm Alameda Research. Nexo also explained that it withdrew its entire balance of funds from FTX within “the past few days.” Alex Svanevik, CEO of blockchain analytics platform Nansen, confirmed the story, providing data showing that Nexo withdrew over $219 million from FTX between Nov. 1 and Nov. 8. This....
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NEXO was up by nearly 50% on Friday, as markets reacted to the news that Binance was listing the token on its platform. Today’s surge sent NEXO to a multi-week high, while TRON also moved higher, hitting a one week peak.
NEXO
Two weeks after announcing a partnership with Mastercard to launch the world’s first “crypto-backed” payment card, NEXO today achieved another milestone.
Binance confirmed that it will be adding the token to its platform, and this news was well received by markets.
NEXO/USD rose by nearly 50% during....
“We’re in this together” — Crypto lending platform Nexo has appointed Citibank to advise on acquisitions from struggling crypto firms. Crypto lending platform Nexo, says that its strong balance sheet means it can ride to the rescue to provide liquidity during the current market turmoil by acquiring the assets of struggling crypto firms. In a blog post, Nexo announced that it is currently receiving advice from banking giant Citigroup on how best to acquire the assets of insolvent crypto firms so that investors can regain access to blocked funds. Last week Antoni Trenchev, co-founder and....
On December 16, the blockchain-based lending platform Nexo announced the firm has launched a non-fungible token (NFT) lending desk. While the company offered crypto-backed loans using tokens like bitcoin and ethereum for instant funds, Nexo is offering instant liquidity to NFT holders that don’t want to sell their NFTs.
Nexo to Offer Loans for Bored Ape and Cryptopunks NFT Collateral
NFTs have become a big deal in 2021 and a billion-dollar industry almost overnight. Popular collections like the Bored Ape Yacht Club (BAYC), Cryptopunks, and Meebits have sold for hundreds....
Analysts fear NEXO price could come under pressure if regulatory action in the United States begins to intensify. Crypto lending firm Nexo is at risk of losing half of the valuation of its native token by the end of 2022 as doubts about its potential insolvency grow in the market.Is Nexo too centralized?For the unversed: Eight U.S. states filed a cease-and-desist order against Nexo on Sep. 26, alleging that the firm offers unregistered securities to investors without alerting them about the risks of the financial products. In particular, regulators in Kentucky accused Nexo of being....
PRESS RELEASE. Nexo, the leading regulated digital financial institution with over $2 billion in assets under management, today announced the details of its buyback program. The company’s Board of Directors approved an initial repurchase of $12 million of its NEXO Token on an open-market principle, with the decision coming into force with immediate effect. Part of the company’s recently launched tokenomics overhaul Nexonomics, the move seeks to further boost the value of the NEXO Token, which marked a 160% price increase since the campaign’s launch in late October. The....