Today at CryptoNewsZ, we are joined by Antoni Trenchev, Co-founder and Managing Partner of Nexo, former Chief Innovation Officer and Member of the Advisory Board of Credissimo, Member Board of Directors of MDL Ltd. and former Member of Parliament, Republic of Bulgaria.
CryptoNewsZ: Welcome to CryptoNewsZ Antoni, you pursued a Bachelor’s in law from King’s College of London followed by a Master’s in law from the Humboldt University of Berlin; our readers would love to know more about your journey from law to the crypto space.
My time in London and Berlin has been a vital part of my personal journey to adopt what I like to perceive as a visionary mindset. The core subjects of law can be applied to virtually every area of life. Mastering law requires an obsession with perfection and tireless dedication, qualities that I try to apply every day as a Managing Partner of Nexo. Some will say that crypto space has taken the investment world by surprise. I have seen critics call it a venture into the unknown.
However, I will respond by saying: Be an excellent predictor of the present and you don’t need to worry about the future too much. When I reflect on my university experience, I realize that my education has given me the foundation to believe in innovation and the knowledge to understand how fast the world is evolving around us. This leads us to crypto space. Crypto space is not just hype, and most certainly, it is not a void. It is a whole dimension that matures and begs to be explored and I am doing my best to be the person to do that with hard work and clear vision for what we want to accomplish.
CryptoNewsZ: Nexo comes up with the unique concept of offering instant crypto-backed loans; how did you come up with this innovative idea?
It all started a decade ago. I already had the necessary experience in secured lending from my other company – the leading European FinTech group Credissimo. The main obstacle was transferring our knowledge into the crypto world and especially creating the concept of a crypto bank account. We were entirely dedicated to the idea that cryptocurrencies can be used as collateral, and in 2017, our platform became a reality. And because I believe your readers like to see numbers, I will elaborate by saying that now our clients can borrow an instant loan in over 45 fiat currencies in about 200 jurisdictions against 20+ types of cryptocurrencies. Another great side of the business is the Nexo signature Earn Product, which gives the customer the opportunity for a high-yield passive income with up to 8% per year on USD, EUR, GBP, and stablecoins, instead of leaving these assets dormant.
CryptoNewsZ: How does the Nexo ecosystem work?
Cryptocurrency matures fast, but it is still in its infant stage. That means that the market is very volatile. There are some exceptions like stable coins such as USDT and TrueUSD, but even they can be hit by crypto volatility. We are proud that Nexo assets are held in multi-signature wallets, secured by the leading custodian BitGo. Our Nexo Oracle algorithm determines the loan to value ratio across multiple exchanges, taking into consideration the current and historical volatility in order to minimize the risk for both parties. We also take a lot of pride in the fact that our technological model can maintain the complex elements of the business processes, but has innovative functionalities at the same time, such as:
• wallet maintenance
• real-time asset monitoring
• automated notifications
Last but not least, I would like to mention again how constantly evolving the cryptocurrency/blockchain ecosystem is. That’s why we are regularly engaging in strategic partnerships that support Nexo’s business model. Just recently, we announced a partnership with Paxos and now we are adding PAX Gold as a collateral option, introducing gold-backed lending to the blockchain.
CryptoNewsZ: What are the distinctive features which make Nexo stand out from other crypto loan providers in the blockchain sphere?
Liquidating a digital asset can be a hard task. Due to different limitations and procedures, transactions could take weeks, even months. State-of-the-art innovations and novelty in performance lie at the heart of Nexo’s digital raid on traditional banking services. We are giving investors and entrepreneurs the progressive opportunity to set up an instant crypto loan hodl-ing their crypto assets and having access to instant cash.
Nexo’s clients are able to receive funds immediately and retain 100% ownership of their digital assets. Our clients can maximize their profits because there is no transaction, withdrawal, tax, or any other hidden fees. Customers do not have to worry about their rating because Nexo does not perform any credit checks. In a nutshell, the Nexo platform allows cryptocurrency holders to unlock tens of millions of dollars as a loan without losing ownership of their digital assets and this is something very unique in the crypto world.
CryptoNewsZ: How does the Nexo token make Dividends an attractive proposition?
Let me start by saying that in August we announced that Nexo has paid $2.4 million in dividends. A quick consultation with the S&P 500 market index shows that Nexo’s dividend yield of 12.73% is supposedly higher than every dividend-paying stock. Our token model rewards long-term investments while decreasing market volatility. If this is not an attractive proposition already, let me clarify that our team is working on the NEXO Token Utilities 2.0, which will bring even more unique and amazing features, such as higher Nexo Card Cashback and invite-only access to products and events. We are confident that Nexo’s profitability will continue its upward trajectory and that NEXO Token holders will experience growing passive income returns.
CryptoNewsZ: What upcoming partnerships or product launches are in the pipeline?
I already mentioned our NEXO Token Utilities 2.0. We are striving to remain the pioneers in the crypto lending world and our quest will continue with new technologies, improved business models, and innovations. I think that after bringing gold-backed lending to the blockchain, we did set-off the fundament for an uprising trend, which is giving us the opportunity for tokenizing real-world assets and with it limitless possibilities for unlocking their value. I believe Nexo can further explore the idea and develop partnerships that can lead to a breakthrough in the crypto industry and especially crypto-backed lending.
CryptoNewsZ: What advice would you give to novice entrepreneurs who have entered the crypto space?
Believe in crypto progress. It is a unique venture into a world that is maturing fast, but it is still far away from a unified regulation. By entering the crypto space, you are beginning a new fairy tale and it is up to you to determine what the plot is. Just like everything else, there is no perfect time, no, moment to start, but unlike many other journeys, it is never too late to begin yours. Read, invest, be bold, and crypto space will reward you. This is a whole new world. Who wants to be the next great explorer?
Thanks for your valuable time Antoni, it was a pleasure to interview one of the most prominent crypto influencers, and we wish you success for all your future ventures.