Overview
Nexo is a crypto lending and savings platform founded in 2018 by Antoni Trenchev and Kosta Kantchev. Users can earn interest on crypto, borrow cash or stablecoins against it, trade, and use a crypto-backed card.
Nexo survived the 2022 crisis that bankrupted rivals such as Celsius, BlockFi and Voyager. In January 2023, it paid $45 million to settle charges with the SEC and US states over its interest product, and left the US market.
In 2026, Nexo announced a return to the US, with trading infrastructure from the listed company Bakkt and plans for yield programs, credit lines and an exchange.
How it works
- Earn: deposit crypto or stablecoins and earn interest (higher for fixed terms).
- Borrow: take a credit line against your crypto without selling it.
- NEXO token: holding NEXO in your account puts you in a loyalty tier, giving higher interest, lower borrowing rates and cashback. Interest can also be paid in NEXO.
Nexo has run several NEXO buyback programs in the past, including $100 million in 2021.
The NEXO token
| NEXO at a glance | |
|---|---|
| Supply | 1 billion NEXO (all circulating) |
| Price (29 Oct 2026) | about $0.80 |
| All-time high | about $4.07 (May 2021) |
| Market cap | about $800 million (#84) |
Risks
- Counterparty risk. Your funds are held by Nexo, which lends them out. If it failed, you could lose them, as Celsius customers did.
- Regulation. Nexo has faced regulators in the US and elsewhere.
- Token dependence. NEXO’s value rests on the platform’s success.
Nexo vs. the competition
| Nexo | Aave | Maple | |
|---|---|---|---|
| Type | Centralized lender | DeFi lending protocol | On-chain institutional lender |
| Who holds funds | Nexo | Smart contracts | Smart contracts / pools |
| Token perks | Loyalty tiers | Governance, buybacks | Staking |
Our verdict
Nexo is a survivor of crypto lending’s darkest year and is expanding again, including back into the US. Holding NEXO makes sense mainly for active Nexo users who want better rates. But it remains a bet on one company, with the usual risks of centralized lending. NEXO is a high-risk investment: invest only what you can afford to lose.
This review is for information only and is not financial advice.