Dave is your typical middle-aged man. Happily married with two children and a quaint little suburban home, Dave works hard at his 9-5 to support his family and uses his leftover savings to invest in a cryptocurrency portfolio. One day, a hurricane rips through Dave’s town leaving a trail of destruction behind. Dave’s roof is blown off and having failed the bank's credit check for a loan, he is left with nowhere to turn. Dave has to sell his car and his precious stash of cryptocurrency to cover the repair costs. Unfortunately, the Crypto market is experiencing a correction after a massive dump and Dave can only get half of what he paid for the Crypto’s from the sale even though he knows the market will rebound in a few weeks. Since he just invested in some promising ICO’s, the majority of his funds are tied up and he cannot raise the total amount needed for the repairs. The week after selling his crypto portfolio Dave sees the Crypto market experiencing massive gains of above 50%.
Mark, who lives across the street from Dave also experiences damage from the hurricane and is turned down by the bank. However, while waiting to see the bank manager, Mark, picked up a newspaper and noticed an article about an Exchange experiencing liquidity issues after an attempted hack and how they are meeting these liquidity requirements via overdraft with this new startup making waves in the Cryptocurrency industry called Nexo which allows “users to use their cryptocurrency as collateral to get liquidity without credit checks, exchange fees, taxes or hidden fees.” Once Mark gets home he searches for Nexo on his P.C and is rewarded with hundreds of headlines such as:
Don’t sell your crypto. Get an Instant Crypto Overdraft from Nexo!
Good Token ICO utilizes NEXO to meet Working Capital requirements!
Nexo saved my life…, says Bob Jones!
Deeply interested, Mark turns to youtube and comes across this great video:
Turning to the Nexo website, Mark discovers a handy calculator that shows with a deposit of three bitcoins he will have enough to carry out the needed repairs. He deposits the bitcoins into his new Nexo wallet applies for an overdraft and is instantly credited. He applies for the Nexo credit card and receives it a few days later in the mail. In the Crypto market boom the following week, Mark experiences a 50% rise in the value of is assets and is able to clear is overdraft after liquidating a tiny fraction of his assets. He originally intends to repay the overdraft via bank transfer but discovers that by using Nexo tokens, he will receive discounted rates on the interest fee.
NEXO OVERVIEW
Nexo has been awarded 2 Forbes Business Awards in the categories “Financial Sector Innovation” and “Quality of Services” and is powered by Credissimo, a leading European FinTech Group founded in 2007 and a market leader in the Online Consumer Lending segment in several European countries well known for creating innovative and convenient financing solutions. Credissimo adheres to the highest regulatory requirements and has been strictly supervised by multiple European Banking and Financial Services Regulators since 2007. As is to be expected with such a revolutionary platform, the ICO for Nexo tokens is oversubscribed and subject to a waiting list.
Problem Statement and the Nexo Solution
Nexo Clients include:
Cryptocurrency Investors, who receive immediate funding based on the market value of their Bitcoin, Ethereum or other liquid cryptocurrencies, tokenized assets or utility tokens.
Crypto Miners, who need to cover capital expenses such as computing power in order to stay competitive and grow their operations.
ICO and Crypto Companies, instead of directly selling the cryptocurrency raised from an ICO or generated in the course of business, crypto companies can now setup an instant crypto overdraft to meet their working capital and operating expenses requirements.
Cryptocurrency Exchanges can use Nexo's instant crypto overdraft to raise necessary funds to finance their margin lending and trading services.
Hedge Funds who have invested in cryptocurrencies, ICO tokens and other digital assets can leverage their portfolio by obtaining instant crypto overdraft from Nexo and take advantage of new investment opportunities.
Gamers and Virtual Reality Users
There are 2.2 billion gamers and VR users who trade in-game and VR items valued at over $50 billion. Instead of selling the items and losing the opportunity to use them in the future, they can now be used in an Overdraft Wallet to meet short-term liquidity needs.
BUSINESS MODEL
The business model is extremely simple and quick with the client first transferring Crypto to the overdraft wallet, receiving the overdraft via bank transfer, crypto or the Nexo credit card finally the repaying via fiat, crypto, bank transfer or the Nexo token.
The Nexo credit card adds a bevy of benefits to an already awesome service. The image below summarizes the major benefits. More information is available on https://nexo.io.
Technology
The glue that holds everything together is a highly secure cutting edge software system called Nexo Oracle, an automated system that maintains the elements of the business processes and has the functionalities as identified in the diagram below:
Surely you wouldn't deposit your precious crypto into a wallet without knowing who is behind it. Luckily for you NEXO has assembled a superb team comprising some of the best brains in the industry.
Finally, let us take a look at the advantages Nexo has over the competition
CONCLUSION
The blockchain technology continues to wow us every day with new and innovative solutions to the problems we face every day. Once in a while, a project comes along that totally blows our minds even to those familiar with the possibilities of the blockchain. Nexo, with its sheer simplicity, global reach, speed, security and problem-solving ability is a fine example of such a project. A view echoed by millions of people as evidenced by the NEXO token's ICO five time oversubscription.
Throughout human history, solutions are created which truly revolutionize human life, certain things come to mind, the wheel, the assembly line and now Nexo.
Nexo - enjoy your crypto wealth today without selling your crypto assets!
More Information & Resources:
https://www.youtube.com/channel/UCDMuAzBypoeEV9i6v-dmQwA
https://nexo.io/assets/downloads/Nexo-Overview.pdf?=a
https://nexo.io/assets/downloads/Nexo-Whitepaper.pdf
More information visit: @originalworks
https://steemit.com/cryptocurrency/@originalworks/280-steem-40-bonuses-sponsored-writing-contest-nexo
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