Nexo platform is a blockchain platform tasked with providing instant cryptocurrency-backed loans. Together with its NEXO token, it was launched in April 2018 with the goal of making the acquisition of crypto loans more accessible to the mainstream users. The loans are made available in fiat currency and the platform does not use credit score checkups. Instead of this, the users simply deposit supported tokens into their wallets, and immediately get access to their loans. As of August 2019, Nexo has provided support for loans in 45 fiat currencies across 200 jurisdictions.
Nexo supports more than 20 cryptocurrencies, including popular options such as Bitcoin, Ethereum, XRP, Cardano, Monero, etc. Nexo platform features the Nexo Oracle component which processes Ethereum-based smart contracts and stores data relating to specific loans. Nexo is often mentioned as a solution for saving on taxes by taking out crypto-backed cash loans.