In the latest cryptocurrency news surrounding Nexo, the platform has now released Nexo Pro for traders. This is the latest move in a succession of forward steps for the Nexo team, who recently offered to buy-out Celsius, an insolvent competitor lender.
Previously, we covered here how Nexo continues to progress as competitors lag with a $50 million allocation as part of its buyback program, and its progress now more prevalent than ever with the launch of Nexo Pro.
Nexo (NEXO/USD) is essentially a blockchain-based lending platform responsible for offering users access to instantaneous cryptocurrency-backed loans in the DeFi space.
All users have to do is deposit an accepted token as collateral, after which they can receive the loan in the form of a FIAT currency or stablecoin.
Nexo features its own native cryptocurrency known as the NEXO token that gives users discounts on interest accumulated on loans and the ability to receive interest payments on their first deposits, alongside dividends from the profits.
The Launch of Nexo Pro as a catalyst for growthNexo Pro is a global advanced trading platform that addresses the requirements retail investors have when it comes to accessing aggregated liquidity, a tool that was previously only available to institutional clients.
This is essentially the spot, margin, and futures trading platform for retail investors, and offers financial services such as Earn, Borrow, and the Nexo Card, according to an official announcement by the company.
The announcement also teased additional utility for the NEXO token to merge the benefits of lending as well as exchange tokens within a single asset.
Should you buy Nexo (NEXO)?Budding investors are pondering whether to buy Nexo tokens – let’s analyse the performance to see which way price could be heading.
On September 8, 2022, Nexo (NEXO) had a value of $0.88526.
Nexo (NEXO)’s all-time high point of value was on May 12, 2021, when it reached a value of $4.07. Here we can see that at its ATH, NEXO was trading $3.18474 higher in value or 359% higher.
When we go over its performance in August, we can see that Nexo (NEXO) had its lowest point of value on August 2 at $0.6869.
However, the cryptocurrency had its highest point of value on August 31 at $1.1279. This gives us an indication that the NEXO cryptocurrency increased in value by $0.441 or by 64%.
However, from August 31 to September 8, NEXO decreased in value by $0.24264 or by 21%. This makes a solid opportunity for investors to buy NEXO as it can climb to $1.2 by the end of September 2022.
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