Over the past three months NEXO token, the native asset of Nexo’s blockchain-based lending platform, has increased by more than 480%. Since Bitcoin (BTC) traded for $10,000, NEXO price has closely tracked BTC but the performance is somewhat lackluster when compared to the 1000% rallies seen from a handful of DeFi tokens.
The project was initially revealed by the European FinTech Group Credissimo in late 2017 and claimed it would offer “the world’s first instant crypto-backed loans.”