As you are certainly aware, the crypto market has experienced a severe sell-off across the board today, as the coronavirus-infused traditional market correction has transfused into the blockchain space as well.
While we do hope for a V-shaped recovery in asset prices, we cannot predict whether the correction mode will end soon or whether there will be a prolonged period of subdued markets.
In light of this, the Nexo Team would like to assure you that:
- All Nexo services, our IT infrastructure, and servers are functioning normally without delays and downtimes.
- Our dedicated support team is working tirelessly around the clock to ensure that tickets are responded to quickly and thoroughly.
- All client funds are safe as the Nexo enterprise has abundant liquidity to meet all its financial obligations and the needs of all its clients.
Built by a team of seasoned professionals both the Nexo platform and the business model that underpins it are designed and stress-tested to withstand black-swan-type market moves like the ones we are currently experiencing.
At Nexo, we deploy bank-grade Class III SOC 2 Type 2 certified cold storage vaults through our partnership with the leading crypto custodian BitGo. This arrangement allows us to have a $100 million insurance on all custodial assets. Our systems are further ISO/IEC 27001:2013 accredited which is a testimony to the highest information security management system standards.
Nexo’s conservative business model which requires an overcollateralization of 200%-500% for all Instant Crypto Credit Lines. Furthermore, unlike many other service providers, Nexo has never engaged in any sort of uncollateralized loans even to trustworthy institutions, a decision that guarantees Nexo’s robustness even in these most turbulent times.
Nexo began operations amidst the greatest bear market that saw Bitcoin alone lose 86% of its value. Thanks to the sophistication of the Nexo Oracle, our proprietary algorithm, Nexo’s liquidity needs are managed in the most efficient manner and we have weathered the worst of storms in order to continue to provide the blockchain community with unrivaled products and services. This will, of course, remain unchanged going forward.
The entire Nexo Team is hard at work to minimize any adverse effects on your customer experience. We wish you the best of luck in all market-related activities and be assured that Nexo is and will always be a partner that you can rely on.