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Nexo Announces Non-Custodial Wallet Dubbed ‘The Nexo Wallet’

| Updated
by Ibukun Ogundare · 3 min read
Nexo Announces Non-Custodial Wallet Dubbed ‘The Nexo Wallet’
Photo: Nexo / Facebook

The Nexo Wallet has been designed to let users maintain their identity profile ownership. 

Crypto lender Nexo is planning to launch its multifunctional non-custodial smart wallet called “The Nexo Wallet”. The company announced that The Nexo Wallet would be user-friendly and EVM-compatible. This came after it addressed the bug and the insolvency rumors and said, “the Armanino timeout has been resolved, and it’s all up and running now.”

The Nexo Wallet

According to Nexo, users can also use the self-governed wallet as an identity wallet. This means that they can use the Ethereum Name Service (ENS) and non-fungible tokens (NFTs) to develop and enjoy the benefits of their self-governed Web3 profile. The Nexo Wallet has also been designed to let users maintain their identity profile ownership.

Nexo has also employed on-chain services for the wallet to offer functional features such as low gas fees, which is a primary concern in the crypto industry. Also, the wallet will give users access to the best prices for in-wallet swaps. It will also combine a user balance on external wallets into a seamless interface.

Basically, the wallet is user-friendly and provides solutions for sending, swapping, receiving, and storing digital assets. These services are available on five blockchains, including Ethereum, Binance, Smart Chain, Fantom, Polygon, and Avalanche-C.

Nexo is calling on interested users to sign up for early access, telling them to build their “decentralized identity for the ever-expanding Web3 ecosystem, one dApp at a time.” The company highlighted the major keyword pertaining to The Nexo Wallet. They are “social,” “decentralized,” “smart,” “compatible,” “non-custodial,” and “multichain.”

Nexo’s Court Case

Coinspeaker reported in September that Nexo was facing legal charges over an unregistered earn-interest product account. Different US state regulators, including New York and California, pressed charges against the company for failing to register its interest account. The California Department of Financial Protection and Innovation (DFPI) explained that investors deposit crypto assets with Nexo and get interest in return. While Nexo offers up to 30% of annual interest on the deposit, the return is higher than short-term rates and rates on bank savings accounts. The DFPI stated that Nexo went ahead with the Earn Interest Product account without determining if these accounts were securities.

Commissioner Clothilde Hewlett said the department would take “aggressive enforcement efforts” to deal with the matter. He added:

“These crypto interest accounts are securities and are subject to investor protections under the law, including adequate disclosure of the risk involved. Collectively, these actions protect investors while ensuring California remains an ideal setting for responsible financial innovation.”

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