Nexo Crypto Price Soars After the SEC Settlement

Nexo price surged on Friday on low volume as investors reacted to the latest settlement between the company and US regulators. The token jumped to a high of $0.87, the highest point since November 8. It has jumped by over 41% from its all-time low.

Nexo is a real survivor

Nexo is one of the biggest companies in the crypto industry. The company provides a centralized platform where users can borrow cryptocurrencies using their tokens as collateral. It has handled billions of dollars in the past few years.

Nexo also offers a Nexo Card, which allows people to spend their coins at any Visa-enabled place. Additionally, Nexo has an earn product that makes it possible for people to make money by just depositing their tokens.

Nexo is a real survivor having managed to weather the crypto winter. This happened because of the due diligence that the company has. Also, unlike other companies in the industry, Nexo has a transparent platform as it shows its total assets and liabilities in real-time. At the time of writing, it holds 103,888 Bitcoins in customer liabilities that are fully backed. These coins are valued at over $2.1 billion.

Nexo is a real survivor because many companies that offered its services have gone bankrupt. Celsius Network went bankrupt following the collapse of Terra and its ecosystem. BlockFi went under shortly after that and was acquired by FTX. It filed for bankruptcy after FTX collapsed. Genesis collapsed this week.

Nexo settles with regulators

Nexo crypto price surged on Friday after the company settled with American regulators without admitting guilt. The regulators had sued the company that Nexo was offering Nexo Earn without registering with the regulator. Nexo no longer offers these products in the United States. In a statement, Nexo’s founder said that:

“We are content with this unified resolution which unequivocally puts an end to all speculations around Nexo’s relations to the United States. We can now focus on what we do best – build seamless financial solutions for our worldwide audience.”

In most cases, stocks and other financial assets tend to rise after settling with regulators. That’s because a settlement is usually a positive thing. 

Therefore, there is a likelihood that the Nexo price will continue rising in the coming days. If this happens, the token will rise and retest the important resistance level at $1.