Nexo, the leading regulated financial institution for digital assets with over $4 billion in assets under management, today announced the launch of its in-app Nexo Exchange. With this proprietary swap solution, Nexo further diversifies its offering, edging closer to providing a full retail banking suite.
The Nexo Exchange allows immediate, no-limits conversion between more than 75 crypto and fiat currency pairs directly within the Nexo mobile application, guaranteeing best-price swaps thanks to its ‘Smart Routing’ system. An in-house innovation, this system simultaneously connects to multiple exchanges and splits orders depending on price per volume to provide a fixed quote at order submission, thus ensuring no price fluctuations occur as with most exchange services.
“Fast, transparent, and inexpensive transactions are the backbone of fintech, but making them easily accessible and secure in a seamless, intuitive environment is the single most important step towards mass crypto adoption,” stated Nexo Co-founder and Managing Partner Antoni Trenchev to highlight the Exchange’s core proposition in the context of Nexo’s mission and the broader digital economy.
The new Exchange additionally provides an on-ramp to crypto for newcomers to the space, and facilitates access to the company’s native NEXO Token, eliminating the need for third-party services for its acquisition and trade. As such, it plays a vital role in Nexo’s ongoing tokenomics overhaul Nexonomics and pushes for greater crypto adoption, supporting the long-term development of a healthy token and digital economy.
Commenting further, Trenchev said: “Beyond a significant addition to our line-up in its own right, the Exchange contributes to the efficiency and flexibility of our existing services and boosts the utility, liquidity and growth potential of the NEXO Token. In complementing our entire offering, this new tool illustrates Nexo’s holistic business mindset – building not just solutions, but a comprehensive and sustainable digital asset management ecosystem accessible to all.”
The Exchange is the latest in a series of product launches, upgrades and announcements shaping Nexo’s offering into full-suite retail banking services for digital assets and strengthening the NEXO Token’s economy. In the third quarter of 2020 alone, the company introduced higher yields, the Earn in NEXO opt-in, a $12-million buyback program and a new Loyalty scheme. Plans for the first half of 2021 include the launch of the hotly anticipated Nexo crypto credit card, upgrades to the company’s insurance policy, new asset integrations, the expansion of Nexo’s institutional offering and acquisition of bank licenses.