A crypto lending platform, was involved in the launch of its ethereum smart staking product on tuesday. the product enables users to swap eth for nexo staked eth (neth) and receive staking rewards of between 4% and 12% apy, paid out in neth. additionally, the nexo token gives platform users different advantages, such as better rates for lending and borrowing.
at the same time, nexo announced that it was suspending access to its earn interest product in eight u.s. states, including indiana, kentucky, maryland, oklahoma, south carolina, wisconsin, california, and washington. u.s. customers are no longer able to sign up for the earn interest product, but access to accounts and withdrawals remain unaffected. nexo is one of 22 investors in decrypt.
nexo’s ethereum smart staking product was launched in response to the u.s. government’s refusal to provide a path for enabling blockchain businesses. the nexo token has jumped by around 5.3% following the launch of the product, though it has fallen by a third from its price of $1 at the start of november and has slipped over 83% from its all-time high of $4.07 recorded in may 2021. it is currently priced at $0.66 per coingecko.