- The native token of cryptocurrency lending platform Nexo has gained by about 5.3% since the launch of its Ethereum Smart Staking product.
- Better loan and borrowing rates are only one of the many advantages the platform offers its NEXO token users.
- Users of Ethereum Smart Staking on Nexo can convert their Ethereum into Nexo Staked Ethereum (NETH).
Following the introduction of its Ethereum Smart Staking product, the native token of cryptocurrency lending platform Nexo has increased by roughly 5.3%. Users of Nexo’s Ethereum Smart Staking can exchange their ETH for Nexo Staked ETH (NETH) and receive staking incentives in NETH that range from 4% to 12% APY.
At its current price of $0.66, according to CoinGecko, NEXO is up about 2% from the previous week, but it has decreased by over 83% from its all-time high of $4.07 set in May 2021 and by a third from its price of $1 at the beginning of November.
Users of the NEXO token receive a variety of benefits from the platform, including better lending and borrowing rates.
After receiving “requests” from those jurisdictions to cease providing unlicensed loan products to their consumers, Nexo previously left Vermont and New York.
Letitia James, the attorney general of New York, joined seven other states in suing Nexo in September for failing to “register as a securities and commodities broker or dealer,” as advised by James’ office, and for misleading investors by claiming that Nexo is “a regulated and registered platform.”
The cryptocurrency lender stated on Tuesday that, after 18 months of discussions with state and federal regulators, it was halting access to its Earn Interest Product in eight U.S. states. The U.S. “refuses to create a way for enabling blockchain enterprises,” according to a statement from Nexo.
The Earn Interest Product from Nexo is no longer available to U.S. customers, although it is still possible to view user accounts and make withdrawals in Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California, and Washington.
The past few months have been difficult for cryptocurrency lending businesses, with Nexo competitors BlockFi, Voyager, and Celsius all filing for bankruptcy after Terra’s demise earlier this year and the demise of cryptocurrency exchange FTX.