Nexo, the digital assets management platform at the intersection of decentralized and traditional finance, is launching yet another industry first today with the availability of personal U.S. dollar accounts for users in more than 150 countries. The big pitch is that they enable every one of its customers to facilitate USD-to-crypto transactions via a personal account with no restrictions.
With the addition of personal USD accounts, Nexo can now provide basic fiat transaction services in three of the world’s major currencies – U.S. dollars, U.K. pounds and euros – through a single platform that supports crypto and fiat.
Nexo says the launch is a key milestone in its long-term roadmap. The company sees itself at the nexus of what has come to be known as “CeDeFi”, which refers to the crossroads of crypto and traditional money. Its comprehensive platform provides a way to manage both fiat and digital assets, swap them seamlessly and more. The company began life as a simple crypto lending platform, and is widely regarded as one of the pioneers of decentralized loans. Users can obtain a loan in multiple cryptocurrencies at competitive rates without any traditional credit checks, simply by using fiat or another kind of token as collateral.
Over the years, Nexo has evolved beyond that relatively simple facility, and these days it offers what’s best described as an ecosystem of digital asset services, where users can buy, sell, invest in and trade crypto, as well as borrow against their assets. It has also created NEXO, a native token for its loyalty program that provides users superior rates, discounts and cashback, as well as the Nexo Card, which is a credit/debit card that enables users to spend crypto in the real-world and borrow money against their digital holdings.
Crypto onboarding made simple
One of the key advantages of offering a CeDeFi-based ecosystem is that Nexo has emerged as a key player in terms of crypto on- and off-ramps, and it believes that its new personal USD accounts can facilitate more seamless crypto-to-fiat and fiat-to-crypto swaps for millions of customers worldwide.
Its customers will gain access to a USD account in their own name, and this is critical for onboarding because the American dollar is still the primary vehicle for fiat-to-crypto transactions. As Nexo points out, in the case of Bitcoin, USD to BTC transfers account for 74% of all capital being moved into crypto. But unfortunately, the traditional banking industry is notorious for putting the skids on such transactions, with many of the world’s biggest banks prohibiting transfers to crypto exchanges, for example.
Nexo’s personal USD accounts solve this because they provide users with a way to deposit fiat into another fiat account, getting around any prohibitions their existing bank might have on dealing with crypto companies. Once they’ve funded their personal USD account, they can use those funds to purchase hundreds of different cryptocurrencies directly through Nexo’s portal. Customers can also do the same with euros and U.K. pounds.
Besides making the transition from fiat to crypto more seamless, Nexo’s personal USD accounts provide other benefits, with users able to accept USD deposits from anywhere in the world thanks to its integration with SWIFT. And soon, the new accounts will also support ACH and domestic wire transfers in the U.S., achieving parity with traditional U.S. bank accounts.
Nexo Chief Product Officer Elitsa Taskova said the company is bringing full independence, transparency and security to its customers, including institutional investors, with a personal account for USD top-ups and withdrawals.
“It’s the latest testament to the powerful synergy between traditional finance and the digital asset space and enables millions to experience USD bank transfers in a familiar way, offering everyday simplicity,” she said.
