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DeFi boom and Bitcoin rally position NEXO to close 2020 with a 480% gain

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DeFi boom and Bitcoin rally position NEXO to close 2020 with a 480% gain

Over the past three months NEXO token, the native asset of Nexo’s blockchain-based lending platform, has increased by more than 480%. Since (BTC) traded for $10,000, NEXO price has closely tracked BTC but the performance is somewhat lackluster when compared to the 1000% rallies seen from a handful of DeFi tokens.

NEXO/USDT daily chart. Source: TradingView

The project was initially revealed by the European FinTech Group Credissimo in late 2017 and claimed it would offer “the world’s first instant crypto-backed loans.”