Cryptocurrency lender Nexo has launched an exchange service for a range of digital assets within its mobile app.
According to an announcement Monday, the new service provides more than 75 cryptocurrency and fiat currency pairs, with 17 cryptocurrencies supported. There are no limits on the number of exchanges a user can make in the app (available on iOS and Android) and any trade can be up to $50,000 in value, a Nexo representative told CoinDesk.
Users will be able to transfer digital assets to their Nexo Wallets from any other wallet or exchange and make fiat currency deposits directly through transfers from their bank accounts.
Nexo will not hold all the assets being traded. Instead, a “Smart Routing System” connects to multiple exchanges and splits orders depending on the price per volume, fixing a valuation at the moment an order is submitted, the representative said.
While the person wouldn't name the exchanges used for liquidity, the representative said the Smart Routing System connects to five of "most trusted and well-capitalized exchanges simultaneously," aiming to offer the "most competitive" prices.
“Fast, transparent and inexpensive transactions are the backbone of fintech, but making them easily accessible and secure in a seamless, intuitive environment is the single most important step towards mass crypto adoption,” said Nexo co-founder and managing partner Antoni Trenchev in the announcement.
In the first half of 2021, the firm plans to launch a crypto credit card in its bid to offer a full suite of retail banking services for digital assets. Nexo holds multiple licenses in order to comply with laws and regulations in the 200-plus jurisdictions in which it operates.
Correction (Feb. 1, 13:15 UTC): Corrected headline that erroneously described Nexo as a crypto insurer.
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