Nexo Token Up 5% on Ethereum ’Smart Staking’ Launch

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Nexo’s native token increased 5.3% after the launch of its Ethereum smart-stake product.

Nexo’s Ethereum Smart Staking lets users trade ETH for Nexo Stealed Ethereum (NETH) and receive a stake bonus of between 4% and 12% APY. This is paid in NETH. Nexo is one of 22 investors on Decrypt.

NEXO is currently trading at $0.66 on CoinGecko. The price has increased by approximately 2% in the past week but has fallen by a quarter from its original price, $1, on November 1, and has fallen more than 83% from its May 2021 record price of $4.07 (which it set in May 2021).

The NEXO token provides platform users with many benefits, including lower rates for borrowing and lending.

Nexo ends US service

After 18 months of negotiations, the crypto lender announced Tuesday that it would stop accessing its Earn Income Product in eight U.S. states.

Nexo stated that the U.S. does not offer a path for businesses to use blockchain technology.

Nexo’s Earn income product has been discontinued in Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin and California. The product is not available to U.S. residents. The product does not affect access to accounts or withdrawals.

It’s been a tough few months for crypto lending companies since the collapse of Terra earlier this year and the fall of crypto exchange FTX. BlockFi and Voyager, Nexo’s rivals, have filed for bankruptcy.

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