NEXO, crypto lending platform Nexo’s native token, surged 5 percent following the launch of its Ethereum Smart Staking product. Through this, users can swap ETH for Nexo Staked ETH (NETH) and get staking rewards between 4% – 12% APY, paid out in NETH.
Currently, Nexo is trading at $0.6688 – up by 4.26% in the last 24 hours. But the token has fallen by a third from its price of $1 at the start of November. It fell over 83% from its all-time high of $4.07 in May 2021.
On Tuesday, Nexo suspended access to its Earn Interest Product in eight U.S. states following 18 months of dialogue with the respective state and federal regulators. The platform said the U.S. refuses to provide a path for enabling blockchain businesses. As such, Nexo suspended its Earn Interest Product in Kentucky, Indiana, Oklahoma, Maryland, Wisconsin, South Carolina, Washington, and California. Moreover, the platform’s U.S. customers can no longer sign up for the product. But access to accounts and withdrawals are not affected.
It should be noted that Nexo has mooning potential and responds well to crypto market changes. The token has enough baseline support to surge in value.