Nexo Token Enjoys Short-Lived Rally Upon Binance Listing

The price surged nearly 60% after the listing went live earlier Friday.

Apr 29, 2022 at 4:17 p.m. UTC
Updated Apr 29, 2022 at 4:46 p.m. UTC

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

NEXO, the token of the Nexo crypto lending protocol that offers credit cards and loans to retail users, surged over the last 24 hours after one of the world’s largest exchanges, Binance, listed the token.

The token peaked at $3.64, just 13% off its all-time high in February. The token increased by nearly 60% in the space of a few hours after Binance's listing went live earlier Friday. Nexo has since retreated to trade at around $2.33, but is still up 6% over the last 24 hours. The token's market capitalization is $1.3 billion.

CoinDesk - Unknown

Nexo 24-hour price chart (Messari)

Pablo Jódar, financial products manager at Storm Partners, a systems provider for the cryptocurrency space in Europe, said Nexo got a positive tailwind from the recent partnership announcement with Mastercard (MA). The credit card company unveiled a crypto-backed payments card that allows users to spend without having to sell their digital assets, and offers customers 2% cash back on their transactions.

“This partnership puts Nexo a step closer to becoming a crypto bank to help retail clients access the digital space,” Jódar said.

“This was also a positive week for the crypto-lending space, as Goldman Sachs [GS] announced [it] executed the first fiat loan” backed by bitcoin (BTC), Jódar said. "It shows a very strong interest from Wall Street banks to adopt crypto assets as a new type of alternative assets.”

Crypto assets with a market capitalization above $1 billion were mostly trading lower Friday. Ether (ETH) was trading down 1.2%, bitcoin by 1% and Cardano's ADA by 1%.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

CoinDesk - Unknown

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Trending

1
CoinDesk - Unknown
How the US Can Establish Itself as a Crypto Leader

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

CoinDesk - Unknown
2
CoinDesk - Unknown
No, the UK Is Not Going to Make USDC and USDT Legal Tender

For “legalize” read “regulate.”

For “legalize” read “regulate.”

CoinDesk - Unknown
3
CoinDesk - Unknown
Thoughts From Davos

The crypto industry showed up in force at the World Economic Forum’s annual meeting.

The crypto industry showed up in force at the World Economic Forum’s annual meeting.

CoinDesk - Unknown
4
CoinDesk - Unknown
Bitso, primer unicornio cripto de América Latina, despide a 80 empleados

El exchange, que tenía más de 700 empleados antes de los recortes, cuenta con cuatro millones de usuarios en la región.

El exchange, que tenía más de 700 empleados antes de los recortes, cuenta con cuatro millones de usuarios en la región.

CoinDesk - Unknown