Nexo

Nexo is a London-based crypto lending and yield platform founded in 2018. The company operates across 200+ jurisdictions and has served over 7 million users worldwide, with approximately $130 billion in cumulative processed volume as of late 2024. Nexo's product suite centers on three things: interest-bearing crypto accounts (with APYs up to 16% on select assets), crypto-backed loans (from 2.9% APR), and a Mastercard-branded crypto card that lets users spend their holdings anywhere cards are accepted. The platform supports 60+ cryptocurrencies, including BTC, ETH, USDC, USDT, SOL, AVAX, and DOT.

Critically, Nexo is not available to U.S. residents. In January 2023, the company reached a $45 million settlement with the SEC and state regulators over its unregistered Earn Interest Product, and it has since shuttered all U.S. operations. The platform remains fully operational elsewhere, including in the EU, UK, and most of Asia, but American investors cannot access any of Nexo's yield or lending products. For international investors, the platform's track record has had notable turbulence: in 2022, Nexo faced a liquidity stress episode during the broader crypto winter, though it continued operating without pausing withdrawals, and has since restored user confidence through Proof of Reserves audits conducted by Armanino LLP.