Following the introduction of its Ethereum Smart Staking product, the native token of cryptocurrency lending platform Nexo has increased by roughly 5.3%.
Users of Nexo’s Ethereum Smart Staking can exchange their ETH for Nexo Staked ETH and receive staking incentives in NETH that range from 4% to 12% APY. One of the 22 investors in Decrypt is Nexo.
At its current price of $0.66, according to CoinGecko, NEXO is up about 2% from the previous week, but it has decreased by over 83% from its all-time high of $4.07 set in May 2021 and by a third from its price of $1 at the beginning of November.
Users of the NEXO token receive various benefits from the platform, including better lending and borrowing rates.
The cryptocurrency lender stated on Tuesday that, after 18 months of discussions with state and federal regulators, it was halting access to its Earn Interest Product in eight US states.
The US “refuses to create a way for enabling blockchain enterprises,” according to a statement from Nexo.
The Earn Interest Product from Nexo is no longer available to US customers. However, viewing your accounts and making withdrawals in Maryland, Wisconsin, Washington, Indiana, South Carolina, Kentucky, and California is still possible.
The past few months have been difficult for cryptocurrency lending businesses, with Nexo competitors BlockFi, Voyager, and Celsius all filing for bankruptcy after Terra’s demise earlier this year and the demise of cryptocurrency exchange FTX.