Crypto Loan Platform Nexo Announces $912K Dividend / Flickr

Nexo (NEXO), a cryptocurrency-backed loan platform, has revealed the much-anticipated details for its first dividend distribution that will be made NEXO holders this month.

According to the announcement, $912,071 will be distributed to investors that have passed advanced verification and are storing their tokens on the Nexo platform for the December 5 ex-dividend date.

Based on the current circulating supply, the payout per NEXO would be roughly $0.0017. However, this assumes that the entire circulating supply is stored on the platform by eligible dividend investors. The real payout per token will likely be many multiples higher.

This news comes just weeks after Nexo announced that it plans to offer a 6.5% interest rate for investors who store stablecoins¬†on the platform. The current list includes TrueUSD (TUSD), USDCoin (USDC), Gemini Dollar (GUSD), Paxos Standard Token (PAX) and Maker’s¬†Dai¬†(DAI).

NEXO is currently down over 4% on the day to $0.10225, giving the token a $57.3 million market cap and making it the 72nd largest cryptocurrency and the 64th largest constituent in the¬†AltDex 100 Index¬†(ALT100), a benchmark index that doesn’t include stablecoins.

More: Nexo Dividend Announcement
Similar: Nexo Announces 6.5% Interest for Holding Major Stablecoins
Photo: Credit Score Geek

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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