Is NEXO a credible site?

[SARA ISLAM]

Hello Community I noticed an ad while checking https://coinmarketcap.com Those who lend against the customer's cryptocurrency and return against investing in their platform. I was talking about the https://nexo.io. As far as I can find by searching on Google, it is seen that they are giving many benefits. Now my question is, does anyone use this platform and can they be trusted?

[LeGaulois]

The company is licensed and regulated and uses BitGo for cold storage (itself insured with a $100 million policy), they can't play the nasty card too much.

Of course, there is still the debate about the KYC but with any similar platform using fiats, it's the same. And some will argument saying they don't trust to let a company storing their coins (but have no problem to use banks lol) but again it's the same with traditional crowdlending platforms (whatever P2P or P2B)

[joniboini]

They are one of the 'credible' sites that provide bitcoin lending that I know of. Not saying you won't face any troubles there, but at least they won't outright scam you. I personally won't use them as the risk is too great for me. As an alternative there is defi projects out there which is more flexible on their wd/deposit. But they mostly run on ETH network.