Nexo Doubles Earn on Crypto Interest Rates
Nexo, the leading regulated financial institution for digital assets, today announced a two-fold increase on savings interest rates for cryptocurrencies BTC, ETH, XRP, BCH, LTC, EOS, LINK, XLM, TRX, and PAXG, offering yields of up to 8% APY through its Earn on Crypto product.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201028005868/en/
Nexo's newly released Earn UP and Earn in NEXO features deliver interest rates of up to 12% APY to the platform's clients. (Photo: Business Wire)
The substantial hike constitutes a 1% bump in savings interest rates on all supported cryptocurrencies, bringing rates for these assets up to 6% APY. The introduction of Earn in NEXO offers an extra 2% APY for savings in all digital and fiat assets the Nexo platform carries, respectively bringing maximum interest rates for the Earn suite to 8% and 12% for cryptocurrencies, and fiat and stablecoins.
The addition of Earn in NEXO to the company’s lineup – a feature allowing clients to collect interest in Nexo’s native token, regardless of the assets held and their volume – also marks the launch of the company’s Nexonomics campaign.
“With volatility rife around the second COVID wave and exacerbated by the US elections, we want to give our clients the financial stability and opportunities to guarantee their peace of mind – now and for the future. Few financial service providers can offer this. That Nexo can raise interest rates and scale up the NEXO’s tokenomics in times like these confirms how vital it is to maintain a sustainable business model and the importance of a market-neutral strategy,” said Nexo Co-founder and Managing Partner Antoni Trenchev.
The interest rate increase and Earn in NEXO launch are the first of a series of announcements under the lender’s Nexonomics initiative, devised to expand Nexo’s tokenomics model and boost NEXO, the enterprise’s token utility and value, while simultaneously amplifying the potential of the Earn on Crypto & Fiat suite. The full scope of Nexonomics, including a variety of upcoming upgrades and functionalities, will be revealed within December 2020.
Previously, Nexo interest rates ranged between 4% and 5% on cryptocurrencies, and 8% to 10% on fiat and stablecoins. The launch of Nexonomics also comes hot on the heels of several upgrades to Nexo's Earn on Crypto & Fiat suite, including the decision to introduce a PAX Gold earn offering to satisfy the community's interest in tokenized gold.
– ENDS –
About Nexo:
Nexo is the world's leading regulated financial institution for digital assets. The company’s mission is to maximize the value and utility of cryptocurrencies by offering tax-efficient ‘Instant Crypto Credit Lines’, high-yield ‘Earn Interest’ products, ‘Send & Pay’, and sophisticated trading and OTC capabilities, while providing top-tier custodial insurance and military-grade security of the Nexo Wallet. Nexo has processed $3+ billion for nearly 1 million users across more than 200 jurisdictions.
Official website: https://nexo.io
View source version on businesswire.com: https://www.businesswire.com/news/home/20201028005868/en/
Contact information
Media contacts for Nexo:
Stella Zlatareva
stella@nexo.io
Sophie Parker
sophie@yapglobal.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Rand Technology Appoints Key Executives Across Global Regions4.12.2020 02:30:00 EET | Press release
Rand Technology (Rand) has appointed Kim Fix, Chief Operating Officer (COO), Americas & Europe; Frederick Fu, President and Managing Director, Asia-Pacific (APAC); Nami Mokri, Vice President, Sales & Sourcing, APAC; Kevin Sheehan, Chief Information Officer (CIO); and Jennifer Strawn, Director, Sourcing & Procurement, Americas & Europe. Kim Fix, Global Vice President, QA & Operations, has been appointed to COO, Americas & Europe. Kim will lead Rand’s sales and sourcing teams’ operations across the Americas and Europe and oversee global compliance, quality assurance, and operations. Kim has been integral to Rand’s preferred status with its business partners and multi-site ISO, OHSAS, ANSI ESD, and R2 certifications. Frederick Fu joined Rand as President and Managing Director, APAC. He previously served as Avnet’s President of APAC. He has been fundamental to Rand’s efficacy, growth, strategy, and success in the APAC region. Nami Mokri was appointed Vice President, Sales & Sourcing, APAC.
Kalray Joins MLCommons as Founding Member3.12.2020 20:30:00 EET | Press release
Kalray (Euronext Growth Paris: FR0010722819 – ALKAL) (Paris:ALKAL), a pioneer in processors for new intelligent systems, today announced it has joined MLCommons as founding member. MLCommons is a not for profit, engineering consortium founded by 30+ global technology and academic leaders in AI and Machine Learning to accelerate machine learning innovation and broaden access to this critical technology for the public good. Initially formed as MLPerf, MLCommons boasts a founding board that includes representatives from Alibaba, Facebook AI, Google, Intel, NVIDIA and Professor Vijay Janapa Reddi of Harvard University with the objective to deliver industry-wide benchmarks, best practices and datasets to speed computer vision, natural language processing, and speech recognition development for all. “MLCommons has a clear mission - accelerate Machine Learning innovation to ‘raise all boats’ and increase its positive impact on society” said Peter Mattson, President of MLCommons. “We are excit
Hyperloop Transportation Technologies Accelerates with 100 Engineers from World Leading Firm Altran3.12.2020 19:40:00 EET | Press release
Hyperloop Transportation Technologies (HyperloopTT) announced today an agreement with world-leading engineering and R&D services provider Altran, part of the Capgemini Group. The agreement includes one hundred Altran engineers to accelerate the development of commercialized passenger hyperloop systems at the HyperloopTT facility in Toulouse, France, the Aerospace Valley of Europe. HyperloopTT’s European R&D Center is the home of the world’s only full-scale hyperloop system, which has been undergoing testing and optimization since 2019. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201203005174/en/ HyperloopTT's full-scale test system in Toulouse, France (Photo: Business Wire) The agreement advances HyperloopTT’s capabilities in a lean way, negotiated within HyperloopTT’s hybrid collaborative framework. The announcement comes after recent commitments from both the European Union and the United States, emphasizing the develop
Dan Bilzerian Joins Team GGPoker & Celebrates With $100,000 Birthday Freeroll3.12.2020 19:00:00 EET | Press release
GGPoker today announces that Dan Bilzerian has joined Team GGPoker as a brand ambassador. One of the world’s most recognizable poker players and social media influencers, with over 32 million followers on Instagram, “Blitz” will represent GGPoker live and online. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201203005724/en/ Dan Bilzerian, GGPoker's newest brand ambassador. (Photo: Business Wire) To celebrate the news, the online poker room will host a special 40th birthday party for the ‘King of Instagram’ on December 7 in the form of a $100,000 Birthday Freeroll poker tournament. This free-to-enter poker game is open to all new GGPoker players that sign up using code BLITZ40 and deposit $10 or more. What : Dan’s $100,000 Birthday Freeroll When : Monday, December 7 at 17:00 UTC How To Enter : Sign up using code BLITZ40, deposit at least $10 and use your ticket to register for the freeroll tournament Tournament Prize Pool :
Odense Investor Summit Introduces Investors to 15 Promising Robot Companies in Europe’s Robot Capital3.12.2020 18:47:00 EET | Press release
In just five years, robotic start-ups based in Odense, Denmark – the robot capital of Europe – have attracted more than 976 million USD. This year, the local Danish entrepreneurs will be joined by companies from the RobotUnion Super Stars; finalists from the pan-European robot acceleration program. The event is being sponsored by Vækstfonden, the Danish State’s investment fund, with the objective of making matches between leading Danish entrepreneurs seeking capital backing, and top international investors on the hunt for the next “golden goose” in the world of robotics. On December 9th, a carefully selected field of robot enterprises seeking capital will be presenting their ground-breaking automation solutions for a broad spectrum of industries at this year’s Odense Investor Summit. The 2020 summit is being held as a virtual event to involve participants from all parts of Europe and provide access to a new audience while still observing the prevailing COVID-19 restrictions. In additio
IEEE Launches 802.3™ Beyond 400Gb/s Ethernet Study Group to Define Next High Speed Threshold for Ethernet Data Rate3.12.2020 18:30:00 EET | Press release
IEEE, the world's largest technical professional organization dedicated to advancing technology for humanity, and IEEE Standards Association (IEEE SA) today announced the formation of a study group within the IEEE 802.3™ Ethernet Working Group. With bandwidth demand growing across all areas of Ethernet connectivity globally, the IEEE 802.3 Beyond 400Gb/s Ethernet Study Group will explore initiating a new IEEE project that would standardize capabilities exceeding today’s maximum data rate of 400 Gigabit per second (Gb/s) for IEEE 802.3, IEEE Standard for Ethernet. The publicly available IEEE 802.3™ Ethernet Bandwidth Assessment (BWA) report, released in April 2020, showed that trends around traffic drivers such as video, hyperscale data centers, 5G and deployment of IEEE 802.11™ “Wi-Fi®” all point toward an ongoing bandwidth explosion for Ethernet networks around the world in the years ahead. Undeniably, simultaneous trends point toward more users, faster access speeds, more services, m
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom