Nexo: The Key To Leveraging Digital Assets
Nexo is a crypto project that provides crypto-backed loans and advanced financial products for both individuals and businesses. Any user can keep their digital assets with Nexo, and leverage them to secure a loan without having to sell their holdings.
Nexo offers a highly automated lending solution that empowers customers to secure loans in more than 40 fiat currencies or stablecoins. This is accomplished by using digital assets as a guarantee for the loan, with over 60 different supported cryptocurrencies available to be used as collateral on Nexo.
The native currency of the platform is the NEXO token, a digital coin based on the Ethereum network and compliant with ERC-20 standards. Ownership of this token brings a variety of benefits, such as improved borrowing rates, cash-back rewards, fee-free withdrawals, and enhanced yield rates.
Nexo is stepping up its game with the debut of a fresh "Pro" variant of its app, designed to elevate user engagement through sophisticated tools and features. Nexo has also unveiled a new Dark Mode and an innovative dashboard, which should boost user interaction and the long-term sustainability of the Nexo platform.
However, the price of Nexo (NEXO) is down 85% from its all-time high of 4.6252 set in 2021. This has given new altcoins an opportunity to compete and challenge the dominance of Nexo.
Analysts note that Nexo is moving within a large Descending Triangle on the daily timeframe. A move out of this pattern should see the price of Nexo boom to the $1.00 level, but there is no guarantee about when this will happen.
Collateral Network: The Future of Lending?
Collateral Network (COLT) is a protocol designed to facilitate efficient asset-backed peer-to-peer lending. In the Collateral Network system, any valuable asset can be used as collateral, but assets are transformed into a digital form known as NFTs, which can then be divided into smaller fragments and sold to multiple lenders.
Collateral Network's approach democratizes the lending process, allowing even those with a modest amount of money to participate as lenders. Plus, the tokenization of assets injects liquidity into the lending market, giving lenders the flexibility to convert their assets into cash quickly if needed.
While Nexo requires users to own crypto or stablecoins to be eligible for a loan, Collateral Network allows users to use any valuable asset as collateral. So whether art, luxury watches, or cars – nearly anything of value can be used as security for a loan.
Those who've bought COLT tokens in phase one of presale have already seen a 40% increase in value, but this looks to be the start of a much larger trend. COLT is priced at $0.014, but some financial analysts believe that Collateral Network (COLT) will disrupt the $4.9 trillion lending market and grow in value by at least 3,500%.
Find out more about the Collateral Network presale here: