nexo

Nexo is a lending platform that is based on blockchain technology. The platform offers its users instant cryptocurrency-backed loans. Users can deposit their accepted tokens such as BTC, ETH, LTC, or XRP as collateral in order to receive loans in the form of FIAT or stablecoins. NEXO was created by a team of cryptocurrency enthusiasts and finance experts, who launched the Nexo platform in 2018.    Nexo was the first in the industry to provide instant loans backed by cryptocurrencies. The network intends to solve inefficiencies in the lending business. The automated lending process employed by Nexo 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.   Successively, Nexo Oracle is a key innovation to improve smart contracts on the Ethereum network. These assist in storing all the necessary information about the loans taken out by a specific user. Moreover, the interest-covered privacy of the Nexo wallet is taken care of by the Nexo coin, which is an ERC-20 token.