Review on Nexo Card by Umut Can
My experience about Nexo Card
Nexo is a blockchain-based overdraft system that allows users to make instant crypto loans. Currently, there is no other way crypto holders can use their assets other than to sell and buy. Nexo is emerging with a very profitable business model that allows crypto holders to use their owners as collateral and then withdraw cash. Users gain 100% access to cryptocurrency while instantly accessing money. At the same time, they can access the value of their crypto assets.
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As my own experience, I transferred my crypto assets to the Nexo wallet. Next, the cryptos I transferred were confirmed with the blockchain, then Nexo oracle automatically computed the information on individual credit lines and then set a loan for me.
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Then I received the loan amount I requested in USD. The credit line can be used immediately by wire transfer or free Nexo credit card. This experience was great.
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However, the credit limit depends on the market price of the cryptocurrency in the Nexo wallet. Therefore, if the value of the currency used increases, Nexo will automatically increase the oracle credit limit.
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Pros
- Clean and simple interface
Cons
- Installment schedule is set late
