DeFi boom and Bitcoin rally position NEXO to close 2020 with a 480% gain

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DeFi boom and Bitcoin rally place NEXO to close 2020 with a gain of 480%

Over the past three months, the NEXO token, the original asset in Nexo’s blockchain-based lending platform, has increased by more than 480%. Since (BTC) trades for $ 10,000, the NEXO price has closely tracked BTC, but the performance is somewhat dull compared to the 1000% rally seen from a handful of DeFi tokens.

NEXO / USDT daily chart. Source: TradingView

The project was initially unveiled by European FinTech group Credissimo in late 2017, claiming it would offer “the world’s first instant cryptocurrency loan.”