There are no really dull moments in DFI. The report revealed this week that the interest-generating platform is trying to acquire a SEC-licensed broker-dealer in order to offer a “modified version” of Nexo’s products. It is unclear how this will affect their current offer.
This step has been taken during the seemingly extended rocky road for DFI platforms.
Interest-generating products and disrupted DFI
In addition to the company’s pursuit of licensed broker dealers, Nexo is also in talks with National Chartered Bank. The platform is keen to find a partner of a chartered bank that will sell Nexo products, perhaps with the intention of buying better with U.S. regulators.
In addition, reports say the platform is looking to apply for a discount to offer securities to non-recognized investors. Nexo is a London-based platform, which can be a significant advantage over state-based competitors.
In recent weeks, U.S. state regulators have begun to focus on DFI platforms that are U.S.-based, such as Celsius and BlockFi. Regulators in a handful of U.S. states have begun withdrawing ceasefires and demands for both agencies. Coinbase, meanwhile, lags behind the main U.S.-based exchange Coinbase SEC in terms of the exchange’s potential interest-generating product, Coinbase Land. Coinbase now seems to have an indefinite schedule for nd, even if the product is absolutely lively.
Nexo is likely to keep a close eye on how these conditions work in the coming months, so when state regulators begin to look at non-US-based interest-generating companies operating in the states, they can position themselves accordingly.
Native platform tokens, like $NEXO, have stayed away from U.S. integration as regulatory decisions still leave outcomes in question. | Source: NEXO-USD on TradingView.com
Related Reading | With Bitcoin breaking 44 44,000, Vallara holds the market, the crypto market is above 200 200 billion.
Road travel less
In the midst of the DFI frenzy with regulators, Nexo is still building on its capabilities and offers. In an email this week, the company announced top-ups, withdrawals, and the addition of orrow and earnings to DOGE. In early September, the platform surpassed 2M users. And last month, the platform introduced free and instant transfers from one Nexo wallet to another, as well as unlimited free internal withdrawals.
However, Nexor co-founder Anthony Trenchev said foreign exchanges would have to “cross the same bridge” that Celsius and BlockFi currently have to cross at certain times. Trenchev added, “We have not fully decided on the specific variety of exemptions and exactly how we are going to form it.”
Will Nexor benefit from seeing how things work for U.S.-based companies, or will foreign platforms be subject to additional scrutiny? Consumers are waiting for the snail-dynamic regulatory movement to determine how things work.
Related Reading | Did Gary Gensler of SEC threaten crypto and DFI in WAPO interviews?
Featured image from Nexo.io, Charts from TradingView.com