Nexo - Banking on Crypto | Opinions?

With no interest payment given in a traditional bank this is tempting?

Has anyone heard of these guys?

Long term, I don’t like the idea of the banking industry holding crypto - we all know what happened with gold, they could soon start issuing paper certificates “backed by crypto” and then we are back at square one.

I’m not sure how a crypto bank can function long term without the ability to magic money out of thin air like they do now.

Though… 10% annual compound interest paid out daily is quite tempting.

They do pay out more interest than they charge for their loans - so I wonder where they get the extra cash - maybe they play the crypto stock market.

I’m also not too comfortable leaving my coins on an exchange, id also have to re-buy in to bitcoin which I have avoided so far.

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Nexo are big NO, NO (yes, they are Bulgarian company and still). See here: What’s up today? - #4703 by Dimitar

If you want a real DeFi see