{"id":272996,"date":"2021-06-12T19:17:46","date_gmt":"2021-06-12T16:17:46","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/nexo-in-miami-crypto-interest-account-giant-talks-defi-institutional-adoption\/"},"modified":"2021-06-12T19:17:46","modified_gmt":"2021-06-12T16:17:46","slug":"nexo-in-miami-crypto-interest-account-giant-talks-defi-institutional-adoption","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/nexo-in-miami-crypto-interest-account-giant-talks-defi-institutional-adoption\/","title":{"rendered":"# Nexo in Miami: Crypto interest account giant talks DeFi, institutional adoption"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a41cf4e3c1d1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a41cf4e3c1d1\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/nexo-in-miami-crypto-interest-account-giant-talks-defi-institutional-adoption\/#Adapting_to_Defi\" >Adapting to Defi<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/nexo-in-miami-crypto-interest-account-giant-talks-defi-institutional-adoption\/#Compliance_and_adoption\" >Compliance and adoption<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Nexo in Miami: Crypto interest account giant talks DeFi, institutional adoption <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvMzcyYmRjZWYtMGY0ZC00ZTVjLWJjYjAtZGRkMjlhNTQzYjVlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>While decentralized finance has stolen the show with big-number headlines over the past year \u2014 the closely-watched Total Value Locked (TVL) figure notably growing nearly 800%, rising from $20 billion at the start of 2021 to $157 billion at May peaks \u2014 centralized crypto financial services have likewise enjoyed explosive growth.<\/p>\n<p>According to Kalin Metodiev, CFA and co-founder at Nexo, the crypto savings account company has grown fourfold to $15 billion in AUM, expanded to 1.7 million clients, and has new features like asset swap functionality built into the platform coming down the pipe. <\/p>\n<p>Nexo and Cointelegraph only crossed paths briefly in Miami via a short conversation in the Nexo-sponsored Bitcoin Art Gallery \u2014 one of the highlights of the conference hall. However, we caught up with Metodiev for a written interview shortly after the madness ended to talk over key metrics climbing, the risks DeFi poses to Nexo\u2019s model, and a path forward for institutional adoption. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The Bitcoin Art show is lit! Made it to Miami and met up with the the people at Scarce City. Art is hung and auctions in action  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/yQr0kQRWUx\">https:\/\/t.co\/yQr0kQRWUx<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/RMV3moTNGx\">pic.twitter.com\/RMV3moTNGx<\/a><\/p>\n<p>\u2014 alex schaefer (@paintwithalex) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/paintwithalex\/status\/1400812429332844548?ref_src=twsrc%5Etfw\">June 4, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Adapting_to_Defi\"><\/span>Adapting to Defi<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>When it comes to DeFi\u2019s rise, Metodiev sees a clear ceiling in terms of the heights it can reach due to some of its core, permissionless features.\u00a0<\/p>\n<p>\u201cWe are intrigued by the opportunities the DeFi space may offer and find merit in the notions of automation and decentralization,\u201d he said. \u201cHowever, this is a space that needs to align with institutional policies and standards in order to survive and thrive on a large scale in the long term. Nexo operates in accordance with formal AML\/KYC guidance and compliance protocols, which are not currently adopted by the DeFi space.\u201d<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/p>\n<p>Nonetheless, the company still tracks the emerging vertical closely, and is \u201copen to learning and adopting new best practices from any source at any time, the DeFi space included.\u201d <\/p>\n<p>At the moment this takes the form of a handful of initiatives perhaps aimed at making Nexo more attractive to DeFi users. They include governance functionality for the NEXO token \u2014 which is down to $1.91 from $4 highs earlier in the year \u2014 and a transparency campaign that, while it might not rival on-chain information, Metodiev says he hopes will lead the space.<\/p>\n<p>\u201cOur most recent #NexoTransparency initiative commenced with the shedding of ample light on our custody arrangements and insurance coverage. We employ multiple partners for the completion of Nexo\u2019s institutional framework and we wished to be transparent on the details.\u201d<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Compliance_and_adoption\"><\/span>Compliance and adoption<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As institutional adoption seems perpetually hamstrung by legal and regulatory woes, Metodiev argues that Nexo can play a key role in getting big bank money involved in crypto.\u00a0<\/p>\n<blockquote><p>\u201cSome people proclaim that Blockchain-based financial services should detach from the traditional banking system and somehow thrive in their own little bubble. We find such opinions to be comical and outright phantasmagorical in the modern financial system of the 21st century.\u201d<\/p><\/blockquote>\n<p>He noted that institutional client growth has been \u201cexponential,\u201d and that the sums have been at times extraordinary: Nexo is capable of helping institutions accumulate and borrow upwards of \u201c$1 billion\u201d in cryptoassets.\u00a0<\/p>\n<p><strong>RELATED:\u00a0After googling it, CFTC boss says DeFi is a \u2018bad idea\u2019 and probably illegal<\/strong><\/p>\n<p>He notes that the regulatory environment remains murky, saying it\u2019s \u201cdifficult to be compliant if a complete set of rules for companies, such as Nexo, are not in place,\u201d but that the company strives to be compliant wherever possible. Moreover, unlike what many DeFi builders think, clear regulation might help the space more than harm. <\/p>\n<p>\u201cWe believe that regulations can contribute to more business in the long term, not less, and hope that more companies in the Blockchain industry will follow our lead on compliance, transparency and impeccable service.\u201d<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/nexo-in-miami-crypto-interest-account-giant-talks-defi-institutional-adoption\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Nexo in Miami: Crypto interest account giant talks DeFi, institutional adoption &#8221; While decentralized finance has stolen the show with big-number headlines over the past year \u2014 the closely-watched Total Value Locked (TVL) figure notably growing nearly 800%, rising from $20 billion at the start of 2021 to $157 billion at May peaks \u2014&#8230;<\/p>\n","protected":false},"author":1,"featured_media":272997,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvMzcyYmRjZWYtMGY0ZC00ZTVjLWJjYjAtZGRkMjlhNTQzYjVlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74858,74868,77595,117],"class_list":["post-272996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-regulation","tag-defi","tag-lending","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/272996","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=272996"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/272996\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/272997"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=272996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=272996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=272996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}