Nexo is a lending institution in the digital finance industry focused on bringing professional financial services to the world of digital assets.
Crypto is the place to be right now, Nexo co-founder and managing partner Antoni Trenchev said Tuesday at the Benzinga Crypto Festival.
A few years ago, crypto was a difficult pitch, but now there is an influx of people coming to the space, Trenchev said, adding that crypto is still only in the second or third inning of its development.
What Does Nexo Do? Nexo provides banking services for the blockchain space, he said.
The company started off with lending, Trenchev told Benzinga.
Nexo aims to successfully solve inefficiencies in the lending markets by creating innovative, convenient and sustainable solutions.
A holder of Bitcoin (CRYPTO: BTC) can come to Nexo to get a loan against their Bitcoin holdings, he said: "It's efficiency at its finest because you get to keep your Bitcoin, you profit from the prolonged bull market and you tap into the liquidity that is within your crypto."
Nexo has also expanded into a product offering in which it allows individuals to earn interest in cryptocurrencies by depositing with Nexo, Trenchev said.
The company also offers an exchange product in which users can buy, sell and exchange seamlessly in real-time.
Nexo manages assets for more than 2 million users across 200 jurisdictions.
What's Next For Nexo: Trenchev told Benzinga that NFTs are on Nexo's radar. "This is like an entirely new world."
He is also looking forward to the tokenization of the world. Anything can be tokenized and put on the blockchain to be traded in a fractional manner, he said.
For example, the Mona Lisa could be broken down into separate tokens that would allow for collective ownership and redistribution of wealth, Trenchev said.
"It's a fountain of innovation and possibilities here that's gotten me and the team personally very excited."
Trenchev went on to talk about crypto regulations, sustainability and more.
See the full interview here:
BTC Price Action: Trenchev told Benzinga he expects Bitcoin to reach $100,000 in the next 12 months. Bitcoin is up 62.49% year-to-date.
Bitcoin was up 0.25% at $47,353.16 on Wednesday.
Photo: courtesy of Nexo.