I just want to know your thoughts on this platform. I came to know this website through Coinmarketcap.
Apparently, they give loans but could someone explain how they work in depth? Are you basically giving an amount in an altcoin which they consider as collateral and then they give you the equivalent in BTC? are there any KYC/AML needed?
As far as i understand their system, it works as following:
You give them BTC/other altcoins as collateral, and in return you get a USD loan.
are there any KYC/AML needed?
I believe so.
This is what it says on their support page:
In order to obtain a loan, follow these steps:
Sign up for your Nexo Wallet at
https://platform.nexo.io/;Deposit collateral. The platform supports ETH, BTC, NEXO and BNB with new major altcoins being added on a regular basis;
Undergo the Basic/Advanced Verification in the My Profile section;
Go to “Withdraw Loan” where you will see the available loan amount;
Choose the preferred withdrawal method and enter your bank account/Tether address;
Enjoy spending your Nexo Loan.
Also;
Regulatory Compliance
Nexo is using Onfido to adhere to the strictest KYC and AML global compliance standards. Onfido is also trusted by Coinbase, Revolut, HSBC, Nationwide, TransferWise and Bittrex.
