The native token of crypto lending platform Nexo has jumped by around 5.3% following the launch of its Ethereum Smart Staking product.

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. Nexo is one of 22 investors in Decrypt.

At its current price of $0.66, per CoinGecko, NEXO 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.

Nexo phases out US service

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 is a cryptocurrency lender. Image: Shutterstock

Nexo to Phase Out Service in US After Hitting 'Dead End' With Regulators

Crypto lender Nexo today announced it will gradually phase out U.S. products and services over the coming months due to hitting a “dead end” with regulators.  The U.K. company said in a Monday announcement that it had been talking with regulators for 18 months but the U.S. “refuses to provide a path for enabling blockchain businesses.” Nexo is a digital asset platform that loans out client funds and uses the proceeds to pay interest. (Disclosure: Nexo is one of 22 investors in Decrypt.) “Our de...

NewsBusiness
2 min read
Mat Di Salvo

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 services, with Nexo rivals BlockFi, Voyager, and Celsius all declaring bankruptcy following the collapse of Terra earlier in the year and the downfall of crypto exchange FTX.

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