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Without access to these financial statements, state regulators contend investors cannot make informed investment decisions. The filings also alleged that Nexo misrepresented the accounts and suggested to investors that it is a licensed and registered platform. The company says some of its most popular assets, like Bitcoin, only earn yields in the single digit percentages. The crackdown comes as a handful of recent crypto bankruptcies this year have left investors without access to their funds.
Celsius, which offered similar interest-bearing accounts, filed for bankruptcy this summer after freezing customer funds in June. A third firm, Voyager, filed for Chapter 11 bankruptcy in July. The industry also saw billions of dollars wiped out during the weeks surrounding the implosion of cryptocurrency Terra USD and the failure of crypto hedge fund Three Arrows Capital. Nexo's terms and conditions said the company had the ability to deploy customer assets at its "sole and absolute discretion.
The project was first announced in December , and it launched in April Who Are the Founders of Nexo? Nexo was founded by a team of finance professionals and crypto enthusiasts, who turned to blockchain to create the crypto equivalent to a service well established in traditional finance, but hitherto non-existent in digital finance— borrowing against the value of your assets while retaining ownership.
The collective behind Nexo has a combined experience of over 30 years in financial services, including non-crypto lending, investment banking, mergers and acquisitions, and hedge funds, with Co-founder and Managing Partner Antoni Trenchev additionally contributing with experience in Finance Law and in KYC and AML solutions. The company currently has employees, with its management based in London. What Makes Nexo Unique? According to its whitepaper , Nexo is the first-ever provider of instant cryptocurrency-backed loans and it intends to solve inefficiencies in the lending market.
Its automated lending process uses smart contracts and an oracle on the Ethereum blockchain to manage loans. After a user transfers cryptocurrency to a Nexo-controlled wallet, the oracle establishes the loan and the user is instantly allocated the funds.
When the user makes a deposit in order to repay the loan, the oracle returns the cryptocurrency and records the transaction on the blockchain. Smart contracts are used to power NEXO and to record user balances. Nexo is marketed to individual and institutional investors, cryptocurrency companies, exchanges, miners and others who want liquidity from their assets.
The company makes a profit from the interest accumulated on loans, and it also offers institutional lending and consulting services. Nexo seeks to build a user base of clients that continue to use the platform and remain invested in NEXO. As such, the company announced a loyalty program that rewards those who keep NEXO in their accounts, giving them preferential interest rates on loans and higher yields on savings.
Learn about Maker , one of the most popular crypto lending platforms. Curious about oracles?