After Celcius and Voyager collapsed earlier this year, many eyes are on exchanges to see which ones have liquid assets on the books to cover and which end up folding. With millions of dollars of debt defaulted on and legal battles ongoing, Nexo exchange took on an AMA on October 4th to face rumors of the exchange’s potential insolvency.
Founders Kalin Metodiev and Antoni Trenchev took to the microphone to dispel fears.
Metodiev said: “Insolvency and bankruptcy are nowhere in Nexo’s reality, and we believe, we hope, we aspire, we work very hard to deliver a very strong and sustainable future for our users.”
Trenchev also added: “I did not want to mention names, but I am going to mention a few names. You know, no exposure to the Terra debacle, absolutely no lending to Three Arrows Capital. In the two names that were mentioned in the filings, you can see the creditors list, Nexo is not on that”
The origin of these rumors may stem back to a cease-and-desist order filed from the Kentucky Department of Financial Institutions saying that Nexo’s “liabilities would exceed its assets” based on the exchange’s NEXO tokens not being included.
Nexo confirming solvency is a great result for Uniglo, a new protocol launching on Ethereum very soon. With their Ultra Burn tokenomics and vault system that stores real-world tokenized investments as a backing for the token, this deflationary protocol would benefit immensely from the Nexo APR automatic staking system.
With assets in the vault before launch, excitement is building daily for the imminent release of this store-of-value protocol.
Not only would Nexo gain another quality token listed on their platform, but users would also be able to potentially gain yield on a deflationary system, a win-win for all involved. So keep a lookout for this one before the presale ends soon.
Learn More Here:
Join Presale: https://presale.uniglo.io/register
Website: https://uniglo.io
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