If you have made poor decisions with your investments and the crypto bear market has ruined your plans, then it’s very likely that you will need some liquidity for various reasons. In order to acquire some dirty fiat, you can either sell some of your coins at a loss (which is the least desirable option), or look for some kind of financial institution which acknowledges that your cryptocurrencies have value.
The bad news is that banks don’t really care about your bitcoins and ethers. The good news is that companies like Celsius and Nexo offer you the option to get loans according to the amount of crypto that you hold. Since the CEO and founder of the former service, Mr. Alex Mashinsky, has already been interviewed and he got to speak about the advantages of his approach, we have also reached to Antoni Trenchev, co-founder and managing partner of Nexo.
During the 35-minute interview, Mr. Trenchev talks about the advantages of Nexo and reminds us all about the 200+ jurisdictions under which the company operates. As he points out, there are over 40 fiat currencies that can be used to receive this load, and they even include the Nepalese rupee and Thailand’s baht. And after you’ve completed the KYC/AML forms and your loan gets approved, you can get a credit/debit card to spend the fiat.
In terms of interest rate, Antoni Trenchev talks about a fixed cap of 16% for general loans, which decreases to 8% for those who use the Nexo tokens. Most well-established cryptocurrencies can be used as a collateral for the loan, and their list seems to expand over time. Find out more about Nexo’s system by reading this article.
Around the 13:55 minute mark, the interviewee also addresses the comments that his competitor Alex Mashinsky has made about Nexo, by referring to the Celsius CEO as someone who makes misleading statements and looks like “a grumpy old man”.
This article and interview are not, under any circumstance, an advertisement for Nexo, Celsius, or any other kind of crypto loan service. But since we’ve presented how Alex Mashinsky’s HODLing app works, it’s good for objectivity to also feature the competing service. For this reason, it’s more accurate to say that the current article and its supporting video serve an educational purpose for the community.
You should always do your own research, talk to professional financial advisors, and only use services that you require and that you can trust with your personal data and a financial disclosure. To better understand what Nexo and figure out if it’s right for you, read the information on their website.