Nexo - The World's First Instant Crypto Overdrafts - ICO
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Nexo - https://nexo.io/ is The World's First Instant Crypto Overdrafts
GENERAL INFORMATION
Website: https://nexo.io/
Twitter: https://twitter.com/NexoFinance
Overview: https://nexo.io/assets/downloads/Nexo-Overview.pdf
Explanation Video: https://www.youtube.com/watch?v=iM3yAk8NQLM
Interview Video: https://www.youtube.com/watch?v=T6-807CzRZQ
Whitepaper: https://nexo.io/assets/downloads/Nexo-Whitepaper.pdf?=a
Nexo is the first instant overdraft¹ network powered by Credissimo - https://credissimo.com/ (English Site) - a leading Fintech group serving people across Europe.
With Nexo, cryptocurrency holders can take advantage of their crypto assets without selling them. You can use the crypto you own as a collateral and then withdraw cash. Since the team has 10+ years of experience in online loan automation, they offer instant financing at low cost and high flexibility, without credit checks (more info in the "Overview" link).
The NEXO token is the World’s First US SEC-compliant dividend-paying asset-backed security token with utility features.
NEXO tokens are backed by the Overdraft assets portfolio and you receive dividends from Nexo profits while you are holding NEXO tokens. The NEXO tokens also have these utility features:
you can use NEXO tokens to make Overdraft repayments at discount on the interest
you can use NEXO tokens in your Overdraft Wallet to increase your Overdraft Limit
TOKEN METRICS
Hard Cap: $52.5M
Nexo Token Price: $0.1 per Nexo
Token allocation: 70% investors - 30% founders, team, airdrop, etc. (48 months vesting)
They have recently published an important Medium article explaining the updated token sale terms.
https://medium.com/nexo/update-on-the-nexo-token-sale-995e9c21e22b
Most important stuff from there:
- The Private Pre-Sale is oversubscribed by a factor of 5x and the applications for the Public Pre-Sale Whitelist indicated an 11x oversubscription with a growing waiting list.
- The Public Pre-Sale and Main Token Events will however not take place due to increased institutional support. All whitelisted participants will receive 100 NEXO Tokens as a small compensation.
- The hard cap remains unchanged at $52.5 million.
- The planned Dutch Auction will not take place, instead each NEXO Token sold during the Private Sale has now a fixed price of $0.10.
- Early requests and applications for the Nexo Instant Crypto Overdrafts now exceed $500 million, beyond our most optimistic projections.
- To fund this massive demand, an additional 250 million NEXO tokens will be allocated as Overdraft Funding 7. Reserves which will be locked for up to 12 months with a 6 months cliff, thus not increasing the total circulating supply at the end of the token sale and not diluting dividends to existing token holders. The change received full support from our advisors, key investors and partners.
They are already in negotiations with several exchanges, including one which will be the first US-regulated exchange for security tokens. Nexo tokens could be expected to be listed soon after the most recent details being published.
TEAM AND ADVISORS
The company behind Nexo - Credissimo is a Bulgarian Fintech Group founded in 2007, with millions of customers making it a regional market leader in the online consumer lending segment² and receiving awards for their innovative solutions³, Nexo ICO seems like a logical step in their business development.
The team consists of a core group of Credissimo - Co-founders Kosta Kantchev (https://www.linkedin.com/in/kostakantchev/) , Georgi Shulev (https://www.linkedin.com/in/georgi-shulev-5701589/), and Antoni Trenchev (https://www.linkedin.com/in/antoni-trenchev/ - MP from the Interview Video listed under General Infomation - he is actively engaged in legislation and adoption of blockchain solutions in Bulgaria).
Nexo managed to get prominent names into their advising team, such as Michael Arrington - Founder of TechCrunch, Trevor Koverko - Founder of Polymath and Ugo Bechis, a leading SEPA payments expert.
Michael Arrington tweeted about Nexo and sharing a link about them wining the 2 Forbes Business Awards in the categories "Financial Sector Innovation" and "Quality of Services"
(link - https://twitter.com/arrington/status/959116681158144001)
Telegram: 43k
Twitter: 20k
Social interest is a bit overhyped due to the airdrop they conducted recently.
Notes
¹Definition of overdraft: http://www.businessdictionary.com/definition/overdraft.html
²Market Leader - based on https://www.pr.com/press-release/697356
³ Credissimo Wins Twice at Forbes Business Awards 2017 - https://www.nasdaq.com/press-release/credissimo-wins-twice-at-forbes-business-awards-2017-20180204-00002
⁴ Nexo and Salt Comparison - https://t.me/nexofinance/229
Nexo exchange information - Telegram - https://t.me/nexofinance/124472
In case you have been whitelisted for the Nexo token sale you will get 100 Nexo - https://t.me/nexofinance/124443
Dividends payout - https://t.me/nexofinance/124400
Nexo SEC filing (let me know if this link is not working for you) - Rule 506(c) - https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001732097&owner=exclude&count=40&hidefilings=0
Thanks for your time guys, let me know what you think of Nexo! Cheers!