Letter #10: Pick Your Poison - The Nexo Tokens Proposal
It seems that no matter where we go in life these days, there are two sides trying to fight over whose ideas are better: Republicans vs. Democrats, Bitcoiners vs. Ethereans, Elon Musk vs. Himself. It can be enough to tear any community apart. Perhaps this is the situation in which the Nexo community currently finds itself.
Wait, what is “Nexo”?
Nexo bills itself as “the most advanced platform for instant crypto loans”. However, its product offerings have expanded to include much more than just collateral-backed lending using depositors’ crypto. Nexo currently pays interest on crypto and fiat deposits, hosts a cryptocurrency exchange with dozens of fiat/crypto and crypto/crypto pairs, and has a card in the works that will allow holders to spend the value of their Bitcoin without having to sell it (i.e., Bitcoin-backed credit purchases).