NEXO crypto price rises 5% after the launch of Ethereum ‘smart staking’
By:C, FionaNEXO crypto price has risen about 5.3% after the launch of its Ethereum Smart Staking product. NEXO is native token of crypto lending platform Nexo.
Nexo’s Ethereum Smart Staking enables users to swap ETH for Nexo Staked ETH (NETH) and receive staking rewards of between 4% and 12% APY, paid out in NETH.
At its current price of $0.66, per CoinGecko, NEXO crypto price is up around 2% on the week, though it has fallen by a third from its price of $1 at the start of November and has slipped over 83% from its all-time high of $4.07 recorded in May 2021.
The NEXO token gives platform users different advantages, such as better rates for lending and borrowing.
On Tuesday, the crypto lender announced that it was suspending access to its Earn Interest Product in eight U.S. states following 18 months of dialogue with state and federal regulators.
Nexo claimed in a statement that the U.S. “refuses to provide a path for enabling blockchain businesses.”
Nexo’s Earn Interest Product is now discontinued in Indiana, Kentucky, Maryland, Oklahoma, South Carolina, Wisconsin, California, and Washington, while U.S. customers can no longer sign up for the product—although access to accounts and withdrawals remains unaffected.
It’s been a rocky few months for crypto lending platforms, with Nexo rivals BlockFi, Celsius and Voyager all went bankruptcy following the crash of Terra earlier in the year and the collapse of crypto exchange FTX.
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