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Crypto Lender Nexo Adds Exchange Service to Its Mobile App
Nexo's new service provides more than 75 cryptocurrency and fiat currency pairs for trading.
Cryptocurrency lender Nexo has launched an exchange service for a range of digital assets within its mobile app.
STORY CONTINUES BELOW
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According to an announcement Monday, the new service provides more than 75 cryptocurrency and fiat currency pairs, with 17 cryptocurrencies supported. There are no limits on the number of exchanges a user can make in the app (available on iOS and Android) and any trade can be up to $50,000 in value, a Nexo representative told CoinDesk.
Users will be able to transfer digital assets to their Nexo Wallets from any other wallet or exchange and make fiat currency deposits directly through transfers from their bank accounts.
Nexo will not hold all the assets being traded. Instead, a “Smart Routing System” connects to multiple exchanges and splits orders depending on the price per volume, fixing a valuation at the moment an order is submitted, the representative said.
While the person wouldn't name the exchanges used for liquidity, the representative said the Smart Routing System connects to five of "most trusted and well-capitalized exchanges simultaneously," aiming to offer the "most competitive" prices.
Read more: Nexo Launches a Debit Card That Lets You Not Spend Your Crypto
“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,” said Nexo co-founder and managing partner Antoni Trenchev in the announcement.
In the first half of 2021, the firm plans to launch a crypto credit card in its bid to offer a full suite of retail banking services for digital assets. Nexo holds multiple licenses in order to comply with laws and regulations in the 200-plus jurisdictions in which it operates.
Correction (Feb. 1, 13:15 UTC): Corrected headline that erroneously described Nexo as a crypto insurer.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
