Project Summary

1. Project Name

Nexo

2. Link to your asset page on Binance Chain

https://explorer.binance.org/asset/NEXO-A84

3. Your name and position

Antoni Trenchev, Managing Partner, Nexo

4. A one-sentence pitch about your Project

Nexo enables its clients to borrow against their crypto assets instantly in 45+ fiat currencies and stablecoins through the signature Instant Crypto Credit Lines while the ‘Earn Interest’ product offers the ability to earn compounding interest on idle assets.

5. What are you planning to achieve with your project?

Nexo is constantly working on building a borderless crypto banking service to bridge the gap between blockchain and traditional finance, bringing unmatched ease of use and flexibility to a rapidly expanding global customer base.

6. What is the team size now? Please list each core member of the Project team and outline their role and responsibilities. If any project member is involved in other projects, please clearly state their commitment and how they avoid conflict of interest.

The team has already expanded to over 50 people and continues to grow. As stated in an interview for CNBC by Nexo’s Managing Partner, Antoni Trenchev, Nexo is seeing unprecedented demand for Nexo’s signaturе Instant Crypto Credit Lines, which has made it imperative that we grow the team in all departments - development, marketing, business development, legal/compliance, finance, and customer support.

Core team members include:

Kosta Kantchev

Kosta is a Co-Founder of Credissimo and the visionary directly responsible for the 10-year-old success story of the whole European FinTech Group. An early adopter of bitcoin, he quickly realized the potential of blockchain technology, prompting him to develop at Credissimo one of the first systems to allow loan repayments in cryptocurrencies worldwide.

https://www.linkedin.com/in/kostakantchev/

Georgi Shulev

Georgi comes from a background in banking, having gained substantial experience in fields like M&A and Financial Analysis at institutions such as Unicredit Bank Austria, Lehman Brothers, and the European Investment Bank. Overseeing the business development and international expansion of Credissimo has further solidified his FinTech expertise.

https://www.linkedin.com/in/georgi-shulev-5701589/

Antoni Trenchev

Antoni has been a crypto enthusiast since 2011. As a Member of Parliament and a firm believer in the decentralized approach, he ferociously advocated and passed legislation for blockchain solutions on a variety of e-government services, most notably e-voting. He has been involved in the development of e-commerce platforms and has been Chief Innovations Officer at Credissimo.

https://www.linkedin.com/in/antoni-trenchev/

https://twitter.com/AntoniNexo

Kalin Metodiev, CFA

Kalin is an investment banker with 20+ years of experience in corporate finance, securities issuance, M&A, private equity and executive management for leading financial institutions in the USA and Europe. His professional focus has always been directed towards company growth and investor wealth maximization. Kalin’s extensive track record spans over a wide range of transactions exceeding $1 billion.

https://www.linkedin.com/in/kalinmetodiev/

Vasil Petrov

Vasil is an early blockchain technology adopter and self-starter and has over 16 years of experience in system administration, back-end development and architecture of high-load and full-cycle projects. His achievements thus far have culminated in co-founding and being the CTO of a US multichannel video & internet service provider and distributor of interactive services for more than 150 000 customers.

https://www.linkedin.com/in/v-v-petrov/

7. Project Website

https://nexo.io/

8. Share a link to your project’s whitepaper

https://nexo.io/assets/downloads/Nexo-Whitepaper.pdf?n=2

9. Share a link or image of your roadmap

Here is Nexo’s initial roadmap:

10. Where are you right now in your roadmap?

We have executed almost all points on the roadmap. Some of the listed milestones have been substituted with others, which were not part of the initial plan, but have been identified as key goals while growing the company.

Key reached milestones include:

11. What is the business model of the Project?

The business model of Nexo is to provide Instant Crypto Credit Lines in order to unlock the value of the digital assets for our clients. The process is simple and can be broken down into two simple steps:



A prospective client transfers crypto assets to their Nexo Wallet. The assets are held with the world’s leading insured custodian, BitGo. Once the relevant blockchain confirmations for the respective crypto asset are received, the Nexo Oracle automatically calculates the Crypto Credit Line limits.

A credit line is then instantly available, where funds can be received via bank, blockchain or they can be spent directly with the free Nexo Card. Clients can choose among 45+ fiat currencies and major stablecoins in which they would like to receive their funds. The Crypto Credit Line limit is based on the market value of the crypto assets in the Nexo Wallet. Should the cryptocurrency appreciate in value, the Nexo Oracle increases the available credit line limit.



Clients can repay their flexible Crypto Credit Lines in multiple ways – including fiat or cryptocurrency. Special discounts on interest rates are granted to those choosing to make repayments with NEXO Tokens. Another option to repay a Crypto Credit Line is by partial sale of the underlying collateral (BTC, ETH, etc.), directly from the Nexo Wallet.

Once a repayment is received, the Nexo Oracle records the transaction on the blockchain and automatically updates the Crypto Credit Line limits and releases the collateral.

Nexo does not require minimum repayments, аs long as the outstanding balance is within the available credit line limit.

If the crypto assets in the Nexo Wallet meet the required LTV (Loan-to-Value) requirements, clients can withdraw part or the entire excessive amount at any given time, enabling full flexibility. Once the credit line is repaid, clients are free to withdraw or stake their crypto assets.

12. What is the potential user base and market opportunity?

The total market of digital assets is expected to reach $5 trillion by 2025 as a consequence of the blockchain technology proliferation across various industries.

It is expected that hard assets such as Real estate and Commodities, as well as all types of Securities and Virtual Assets will continue to get tokenized and become easily tradable for a fraction of the current cost, redefining the essence of fractional ownership and social inclusion.

Assets that are currently being tokenized include but are not limited to:

Securities (ETFs, Equities, Bonds, REITs)

Commodities (Gold, Oil) - the 8 trillion gold market is already being tokenized and will be available as collateral on the Nexo platform as soon as trading volumes pick up.

Real Estate

Gaming and Virtual Reality Assets

Loyalty Reward Points

Token Information & Economics

1. Token Name and Symbol

NEXO

2. What is the primary use case of your token?

Borrowers can reduce their interest rate down to 8% APR by utilizing NEXO Tokens as a collateral option for their credit line or when they choose NEXO Tokens as a repayment option.

3. Where else can your token be used?

Nexo will soon announce a significant update, labeled ‘NEXO Token Utility Features 2.0’ including, but not limited to: better interest rates on all Nexo products, premium features, Nexo Card cashback, premium Nexo Cards, affiliate commissions, exclusive access, etc.

4. What is the total supply of your token?

1,000,000,000.

5. What is the circulating supply of your token?

560,000,011.

6. Please provide a breakdown of current token allocation.

525,000,000 - Investors

250,000,000 - Loan Funding Reserves

112,500,000 - Founders and Team

60,000,000 - Community Building and Airdrop Campaigns

52,500,000 - Legal, Advisors, and PR

7. Please provide all lockups in place for any holders of the token.

8. Are you compliant in all jurisdictions that you service and operate in?

Yes. Nexo is a licensed and regulated financial institution and is compliant everywhere it provides services and retains top-tier legal council in the jurisdictions of its operation. All aspects of Nexo’s activities are vetted before execution by the relevant legal and compliance teams.

The Nexo management consists of successful entrepreneurs and financiers with more than 50 years of combined experience within a regulated environment and all of them have bespoke reputations to protect and a track record of putting the interest of all stakeholders first.

9. Is the token currently running on any network other than Binance Chain? Please provide explorer links to each version of the token.

Yes, the NEXO Token is currently available as ERC-20 token on the Ethereum blockchain. You can review the contract here: https://etherscan.io/token/0xb62132e35a6c13ee1ee0f84dc5d40bad8d815206

10. Please provide a detailed token migration plan. What mechanism will you be using?

Now that the BEP-2 NEXO Token is launched, both ERC-20 and BEP-2 protocols are becoming available across all Nexo Wallets. At any time, clients will be able to deposit and withdraw ERC-20 and BEP-2 NEXO Tokens and to switch between them, guaranteeing the flexibility and ease of use that has become synonymous with Nexo.

To ensure this, Nexo has built a two-way token swap mechanism that allows everyone to convert BEP-2 to ERC-20, and vice versa, giving freedom of choice from the comfort of the Nexo Wallet on both desktop and mobile. Needless to say, those transactions are occurring at #ZeroFees.

All ERC-20 NEXO Tokens corresponding to the amount of issued BEP-2 NEXO Tokens are locked in a publicly viewable Ethereum address, ensuring in the most transparent manner that the supply remains the same and no additional NEXO Tokens are in circulation.

11. What is the exact timeline of opening the swap/bridge to the public? Will you be able to complete this prior to the end of the voting period? If yes, please provide evidence that it the swap/bridge is ready or close to being ready.

The two-way token swap will be available no later than July 31st, 2019 on the Nexo Platform.

12. Is the token currently listed on any other exchange? What are they?

Huobi Global is the largest exchange, where the NEXO token has been listed thus far.

A complete list of all exchanges on which NEXO is traded can be viewed here:

https://coinmarketcap.com/currencies/nexo/#markets

Funds

1. Did you conduct an ICO or any type of fundraising? When was it?

Nexo conducted a private token sale in Q1 of 2018.

2. How much in total did you raise?

52,5 million US Dollars.

3. How much have you spent in total thus far? What have you spent these funds on?

Nearly all of the funds raised have been utilized for the issuance of overcollateralized crypto credit lines to Nexo’s 200,000+ user base across more than 200 jurisdictions and in 45+ fiat currencies. Please check our original Token Terms for further breakdown.

4. How much runway does your project require to ship the final product?

Nexo has delivered its fully automated Instant Crypto Credit Lines platform on April 30, 2018, a mere 30 days after the completion of its private token sale.

Since then the company has processed $700M for its global user base of 250,000+ crypto holders.

The Nexo enterprise is one of the very few companies in the blockchain space to reach profitability and share 30% of its profits with NEXO token holders.

The first dividend was paid out on December 15, 2018. The second dividend will be paid out on August 15, 2019.

5. What currency/coin/token do you plan to hold your funds in?

Shortly after its private token sale, in order to secure the availability of sufficient operating capital to finance the highly demanded Instant Crypto Credit Lines, Nexo converted all token sale proceeds into fiat currencies.

The above-mentioned funds are used to meet the enormous demand for Nexo’s Instant Crypto Credit Lines. We have set stringent risk-management controls in order to maintain effective asset-liability management (ALM) and liquidity positions across various asset types, as well to be in full compliance with all internal ALM policies.

At any given point, Nexo’s liabilities are overcollateralized by 200%-500%. Nexo’s ALM mechanisms monitor in real-time the weighted-average duration of assets and loan exposures and their adequacy with regards to the funding liabilities, in order to avoid any unhedged risk and potential critical duration mismatches.

6. What’s your coin storage/conversion policy? Do you only convert to fiat when you spend?

Please refer to the detailed answer of question 5.

7. How do you plan to publish your spending each month?

Nexo’s accounts and reserves are in the process of being audited. Nexo is proud to have integrated with Binance V-Label as part of the company’s ongoing quest for transparency.

Development

1. What are the technological innovations of the project, if there are any?

Nexo is the first and the only project to offer fully automated Instant Crypto Credit Lines with flexible repayments (vs. fixed installment loans offered by other companies in the sector).

Nexo’s Instant Crypto Credit Lines are also the only product on the market to allow crypto holders to borrow against a basket of multiple digital assets - BTC, ETH, XRP, LTC, BNB, XLM, TRX, NEXO and more that are being added continuously.

Nexo is also the first and only project to offer unmatched flexibility on its ‘Earn Interest’ product yielding 8% annual interest on USD, EUR, GBP, and stablecoins, compounded and paid out daily. Clients further enjoy full flexibility to add or withdraw funds at any time at no additional cost.

Nexo is in the final stages of launching the first-ever crypto credit card, giving its clients instant access to funding that can be spent at over 40 million merchants around the globe. Best of all the Nexo Card is linked directly to the client’s account and benefits from the same flexibility and #ZeroFees.

2. Where are your code repositories located?

Since Nexo is a private enterprise all of the code is stored in an undisclosed, secure, private repository in order to ensure the safety of the enterprise and to comply with the company’s fiduciary duties to investors.

3. Do you have any products or UI demos can you share publicly? Are any built by your community, as opposed to being in-house demos?

A demonstration video on how to access Nexo’s Instant Crypto Credit Lines in 3 easy steps is available here.

All functionalities are available on both the Nexo Web Platform and the mobile app for all iOS and Android devices.

4. Do you plan to release weekly progress updates in this forum?

Nexo keeps its community updated via regular posts on our blog and Twitter account.

We also regularly send newsletters with significant announcements to our 250k+ registered user base.

5. Do you plan to host monthly or bi-monthly video AMAs?

We have always hosted AMAs in various formats when the need for them arises.

Competitors

1. Who do you view as your current competitors/peers?

While many companies have tried to emulate our range of services, we feel that many of them have pivoted to other avenues, as they have come to realize that providing automated lending services is a complex endeavor. Nexo is proud to be the most advanced and trusted player in the lending space where the feedback and transactional volume leads us to believe that we are offering the only complete crypto banking solution in the blockchain space today.

Still, companies such as Salt, Celsius, Cred, and BlockFi are building products that incorporate some of the features that Nexo has.

2. What is your project’s competitive advantage over existing or potential future solutions?

Here are the top 10 aspects that make Nexo fundamentally different and better from anyone else in the space:

Nexo is the only company offering a fully automated Instant Crypto Credit Lines with flexible repayments (vs. fixed installment loans offered by other companies). Clients can draw from their credit line and make repayments as they need, depending on the real-time value of their crypto - whenever the value of the staked BNB or BTC goes up, so does the available credit limit.

Nexo’s clients can borrow funds in 45+ fiat currencies via same/next day local bank transfers. Bank withdrawals are available globally, across 200+ jurisdictions, much like Binance runs a global operation. On top of fiat currencies, clients can also borrow in USDT, USDC, TUSD, PAX, and DAI instantly via blockchain transfers.

Clients can instantly borrow as little as $500 and up to $2M. In the near months, Nexo will further lower the minimum withdrawal amount to $100 and thus offer an even more inclusive service.

Nexo does not issue uncollateralized loans like most comparable services and does not take on price risks from directional bets on the market. Nexo has adopted a conservative banking operating model with strict risk and ALM management.

Clients have the freedom to make partial or full repayments at any time with no minimum repayments required. Nexo does not have origination, withdrawal or liquidation fees, which makes our credit lines highly attractive for borrowers of all durations.

Clients have full flexibility when repaying as they can utilize fiat currencies, cryptocurrencies, or stablecoins. They can even instruct the Nexo Oracle to liquidate a portion or all of their collateral in order to repay any outstanding amounts.

Nexo also allows crypto asset holders to earn interest on their idle holdings. Our Earn Interest product offers daily compounding interest on a variety of assets both in crypto and in fiat, without any lock-up periods and fees in order to maximize returns and flexibility.

Custodial assets are covered by a $100 million crypto insurance policy. Guaranteeing our customers’ peace of mind has been a top priority for Nexo and we are constantly building in order to boost security even further.

Nexo has already processed $700M+ for 250,000+ users, showing the enormous demand for Nexo’s products and that the team knows how to scale without compromising quality.

All Nexo processes are fully automated and we have built a top-notch in-house customer support team, resulting in a great number of happy customers - see here, here and here.

Nexo will soon be launching the Nexo Card which will empower crypto enthusiasts to utilize their holdings for real-world purchases at the utmost convenience but most importantly without having to sell any of their coins and tokens.

The Nexo Team is quick to adapt to ever-changing circumstances in order to anticipate and meet the community’s needs. The Team has a flawless track-record of online lending facilitation for 12+ years and we have every intention of continuing to excel in providing superior financial solutions for the blockchain space and beyond.

Proposal Listing ID: 198

https://explorer.binance.org/tx/64906EB923C1492006F9A37A802121094A6DDFE55E09E72892F58A5D7AEFB7D2