Nexo Token Up 5% On Ethereum “Smart Staking” Launch

The native token of cryptocurrency lending platform Nexo is up around 5.3% after its launch Ethereum Smart Staking product.

Ethereum Smart Staking by Nexo enables users to trade ETH for Nexo Staked ETH (NETH) and receive staking rewards between 4% and 12% APY, paid in NETH. Nexo is one of 22 investors in the company Decrypt.

At its current price of $0.66 per CoinGecko, NEXO is up around 2% over the week, though it’s down a third from its $1 price in early November and is down more than 83% from its all-time high of $4.07 set. Registered in May 2021.

The NEXO token provides users of the platform with various benefits, such as better interest rates for lending and borrowing.

Nexo is phasing out the US service

On Tuesday, the cryptocurrency bank announced that it will close access to its Earn Interest product in eight US states after 18 months of dialogue with state and federal regulators.

In a statement, Nexo claimed that the US “refuses to provide a path to enabling blockchain companies.”

The Nexo Earn Interest product has now been discontinued in Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California and Washington, while US customers can no longer sign up for the product – although account access and withdrawals are not affected.

It’s been a rocky few months for cryptocurrency lending services, with rivals Nexo BlockFi, Voyager and Celsius declaring bankruptcy following the collapse of Terra earlier in the year and the fall of cryptocurrency exchange FTX.

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