Nexo (company)

Nexo Capital Incorporated
TypePrivate company
IndustryCryptocurrency
Founded2018
Founders
Headquarters
Cayman Islands
Websitenexo.com

Nexo Capital Incorporated[2] is a cryptocurrency exchange and custodial crypto holding platform headquartered in the Cayman Islands.

Nexo was founded in 2018[3] by Antoni Trenchev.[4] The company states it is active in over 200 countries and has more than 7 million customers.[5]

Products

Nexo credit card

The company offers trading for over 60 cryptocurrencies.[3] They also offer a loan service which allows users to loan cryptocurrencies.[6] A debit or credit card issued by Mastercard can be requested. If the card is a debit card, it sells the user's cryptocurrency; if not, it loans it.[7]

In 2022, eight US states filed lawsuits against Nexo, alleging the company lacked the necessary licensing in the US.[8] The company agreed to pay penalties totaling 45 million US dollars[9] and exited the US market.[10]

In January 2023, the company's premises in Sofia were searched by Bulgarian authorities, but the proceedings were dropped at the end of 2023.[3][11] Nexo subsequently sued the Republic of Bulgaria for 3 billion dollars in damages.[3][12]

References

  1. ↑ David Gauthier-Villars, Tom Bergin, Michelle Conlin, Lawrence Delevingne and Tom Wilson. "Inside the Trump family's global crypto cash machine".{{cite web}}: CS1 maint: multiple names: authors list (link)
  2. ↑ Department of Financial Protection and Innovation California. "Consent Order Nexo Capital Inc" (PDF).
  3. 1 2 3 4 Elizabeth Howcroft and Kirstin Ridley (2024-01-24). "Crypto lender Nexo seeks $3 bln in damages from Bulgaria over aborted investigation". Thomson Reuters. Retrieved 2024-03-31.
  4. ↑ Nicole Goodkind (2023-12-06). "Analysis: Don't count on bitcoin, gold or the Fed | CNN Business". Retrieved 2024-03-31.
  5. ↑ "About Us • Nexo". 2024-03-29. Retrieved 2024-04-20.
  6. ↑ Marco Bernegg. "Exklusiv: Wie Bitcoin-Verfolger Nexo die Strategie der Milliardäre für sich nutzt" (in German). Retrieved 2024-03-31.
  7. ↑ "Get The World's First Dual-Mode Crypto Card • Nexo". 2024-03-29. Retrieved 2024-03-31.
  8. ↑ Paige Tortorelli, Kate Rooney (2022-09-26). "Eight states file enforcement actions against crypto-lending platform Nexo". Retrieved 2024-03-31.
  9. ↑ Chris Prentice (2023-01-19). "Crypto firm Nexo Capital agrees to pay $45 mln to settle U.S. SEC, state charges". Thomson Reuters. Retrieved 2024-03-31.
  10. ↑ Elizabeth Howcroft (2022-12-05). "Crypto lender Nexo to quit United States". Thomson Reuters. Retrieved 2024-03-31.
  11. ↑ "Bulgaria Closes Inquiry Into Crypto Lender Nexo". WSJ. Retrieved 2024-03-31.
  12. ↑ "Nexo Files $3 Billion Claim Against Bulgaria Over Failed Inquiry". Bloomberg.com. 2024-01-24. Retrieved 2024-03-31.
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