Instant Crypto Credit Line Provider Says It Processed $300 Million in Seven Months

A crypto lender offering instant loans in more than 45 fiat currencies says it has amassed more than 170,000 users - with $300 million processed over a seven-month period.

Nexo enables consumers to deposit their crypto assets into a secure wallet and instantly access a flexible credit line via automated approval and without the need for credit checks.

The platform says its interest rates, which are deducted directly from a user's available credit limit, start at an 8 percent annual percentage rate - with the company arguing that this is "Much lower than the average credit card rate." Repayments on loans are flexible and have no minimum requirements, and they can be completed at any time without subjecting additional costs.

Nexo has been featured on CV VC's list of the 50 most important Swiss blockchain companies, and it says it is the only crypto lender that makes loans available to more than 200 jurisdictions around the world.

Substantial growthAccording to Nexo, the "Ravaging bear market" in the crypto world has not affected its performance, with the company earning a net profit of $3 million within the first seven months of its operation.

Back in December, the company paid a dividend of $912,071 to holders of its native NEXO token, representing 30 percent of the profits made.

To underline why these financial results are important - with its business turning a profit, let alone being operational - Nexo cites research from Ernst & Young, which suggests that only 13 percent of the companies that conducted initial coin offerings in 2017 actually have a working product, with 71 percent have no offering on the market at all.

Insured and secureAccording to Nexo, all of the crypto assets that it holds for users are insured against third-party hacks, copying, theft of private keys, insider theft or dishonest acts of employees.

Nexo has taken out an enterprise-solution policy offered by BitGo and provided by Lloyd's.

The company says that its website has now received more than 1 billion impressions - attracting 35,000 members in its Telegram community, along with more than 31,000 followers on Twitter.