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Home Crypto Exchanges

Nexo claims “smear marketing campaign” ignores its makes an attempt to assist bancrupt firms

by cryptostandard
July 2, 2022
in Crypto Exchanges
Reading Time: 5 mins read
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CryptoSlate spoke to Nexo co-founder Antoni Trenchev concerning Nexo’s choice to extend insurance coverage to $775 million, its strikes to supply support to struggling crypto corporations, and the current allegations claiming Nexo is in hassle.

Trenchev instructed CryptoSlate that its transfer to extend insurance coverage ranges was part of an ongoing plan to enhance safety unrelated to current market volatility. Nexo holds belongings in custody with third events that are “totally protected” ought to “one thing occurs to those belongings below the care of our third-party custodians.” Nexo has not needed to name on any of the insurances it holds.

Additional, Trenchev confirmed that every one loans are “strictly collateralized” and claimed it’s”probably the most security-focused lender” in crypto. Amid allegations that Nexo can also be secretly bancrupt, Trenchev stated its public partnership with its third-party custodians means they “are assured all the things is correctly.”

The Nexo Co-Founder refused to touch upon the potential supply of current allegations stating that “the current noise within the house is something aside from a smear marketing campaign.” Actually, Trenchev declared Nexo is in a stable place in comparison with others within the business.

In response to the state of Nexo’s provide to amass Celsius’ belongings Trenchev asserted  that “there are a number of ongoing processes for which Nexo has been approached to assist with the supply of liquidity.” Additional, Trenchev affirmed that Nexo is “dedicated to being a part of the answer” to revive the fame of crypto lending.

A current publish by Celsius said that it’s exploring “strategic transactions” to “stabilize” its liquidity points. Neither occasion has neither confirmed nor denied that they’re in negotiations.

Disclaimer: Nexo is an promoting companion for CryptoSlate.

Nexo has elevated its insurance coverage just lately to over $700M what was the catalyst for this?

There was no particular catalyst, slightly Nexo constantly dedicates efforts to growing its insurance coverage and varied different safety features.This was an ongoing course of for a lot of months via our partnerships with BitGo, Ledger, Fireblocks, Bakkt and different custodians, which got here into fruition now.

How does the insurance coverage work? Beneath what situations would a buyer obtain a payout?

The insurance coverage applies to all custodial belongings on Nexo. Our custodians preserve segregated wallets for every of their shoppers – a safety structure engineered to forestall breaches affecting a couple of pockets. Which means within the occasion that one thing occurs to those belongings below the care of our third-party custodians, Nexo and our shoppers by proxy can be totally protected.

How does the insurance coverage work? Beneath what situations would a buyer obtain a payout?

The insurance coverage applies to all custodial belongings on Nexo. Our custodians preserve segregated wallets for every of their shoppers – a safety structure engineered to forestall breaches affecting a couple of pockets. Which means within the occasion that one thing occurs to those belongings below the care of our third-party custodians, Nexo and our shoppers by proxy can be totally protected.

Have you ever had to make use of this insurance coverage at any time so far?

No. Nexo has an impeccable observe report for safety and threat administration, we’ve got by no means been hacked or misplaced shoppers’ funds, and thus have by no means needed to depend on our insurance coverage.

Does this insurance coverage give Nexo a aggressive edge in opposition to its competitors?

This kind of insurance coverage is pretty frequent within the blockchain house, but Nexo is among the gamers with the very best insurance coverage on custodial belongings, distinguishing us from our competitors. This together with our different basic practices like strictly collateralized loans, a third-party real-time attest of our funds, prudent threat administration, and the proactive procuring of licenses globally, has earned us the fame of probably the most security-focused lender.

Does this insurance coverage give Nexo a aggressive edge in opposition to its competitors?

This kind of insurance coverage is pretty frequent within the blockchain house, but Nexo is among the gamers with the very best insurance coverage on custodial belongings, distinguishing us from our competitors. This together with our different basic practices like strictly collateralized loans, a third-party real-time attest of our funds, prudent threat administration, and the proactive procuring of licenses globally, has earned us the fame of probably the most security-focused lender.

How can customers who say “they’d by no means pay out, its simply an promoting gimmick” be reassured the insurance coverage is an actual backstop to investing their funds in centralized platforms?

Asserting a partnership usually is a reasonably substantial dedication. So for among the main establishments within the house like BitGo, Fireblock, Bakkt and Ledger – the names converse for themselves – to publicly work with Nexo means all these entities have performed their due diligence on our enterprise and are assured all the things is correctly. Past our work with the aforementioned custodians, Nexo additionally has collaborations with the likes of MasterCard, Constancy, and lots of different family names. These establishments are usually not ones that might allow us to idly use their names.

Do you consider there’s a focused marketing campaign in opposition to Nexo at current? In that case do you could have any touch upon who that is likely to be and why?

It might seem so, wouldn’t it? We discover it exhausting to outline the current noise within the house as something aside from a smear marketing campaign. There’s little sense in speculating over who is likely to be behind it. Slightly than partaking in fruitless Twitter wars, that, frankly, this example doesn’t have the traction to warrant, our crew is focusing its efforts on offering the soundness our business wants proper now. What’s extra, we’re utilizing this market downturn correctly – via steady product improvement and energetic recruitment whereas others are shedding.

A couple of of the better-known firms within the house are seemingly near insolvency and the group is in turmoil. In stark distinction, Nexo continues to perform usually and even has ample liquidity reserves to supply support to those firms– we purpose to revive public confidence and assist their adversely affected shoppers and buyers. Nexo is working with top-tier advisors from conventional finance and we’re poised to be a key participant in what seems to be coming, particularly, a mass consolidation of the crypto house.

Have you ever acquired any additional data concerning your provide to Celsius?

There are a number of ongoing processes for which Nexo has been approached to assist with the supply of liquidity for these dealing with solvency points however can’t presently touch upon the main points. We’re, nevertheless, dedicated to being a part of the answer that may lead to a consolidation of the house and the restoring of greatest practices in lending.

Join with Antoni Trenchev





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