Borrow for the First Time and Enter a 0.5 BTC Prize Pool

Mar 11•4 min read

How can I participate in the Borrow Promo?

To join the Borrow Promo and have a chance to win a share of the 0.5 BTC Prize Pool, follow these steps:

  1. Be a first time borrower* on the Nexo App or platform.
  2. Take a crypto-backed loan worth at least $500 in digital assets starting from March 11 at 14:00 UTC.

Increase Your Chances of Winning:

  • Each $500 borrowed in digital assets counts as one entry into our random draw.
  • The more you borrow, the better your chances of being one of the 24 lucky winners.
  • For example, if you borrow $5000 in digital assets, you get 10 entries into the random draw.

More Ways to Qualify:

  • Transactions made with the Nexo Card on Credit Mode also qualify you for the Borrow promotion.
  • Using a Nexo Booster for a minimum of $500 in digital assets also counts as an entry.
  • If you own a Nexo Card and haven't used it in Credit Mode, you can still join the Borrow promo.

Important: Repaying your crypto-backed loan or making partial repayments during the promo period will make you ineligible for a chance to win a reward.

*The total sum of $500 in digital assets can be reached through multiple borrow transactions. For example, you could make three separate transactions of 100 USDT, 200 USDT, and 250 USDT, equivalent to one entry in the random draw. The dollar value will be calculated at the time the loan is given.

Why Borrow on Nexo?

Nexo allows you to get funds against your crypto without selling a single coin. Borrowing on Nexo offers several benefits:

  • No repayment schedule.
  • No heavy paperwork.
  • Easy and quick process.
  • Increase buying potential.

Whether you need funds for a large purchase or want to expand your crypto holdings, Nexo gives you the freedom to navigate the market on your terms.

Nexo Booster: Buy More with Less:

The Nexo Booster is a simple tool that enables you to:

  1. Use your current holdings.
  2. Buy up to 3 times more of your favorite digital assets.
  3. Fund the acquisition through a crypto-backed credit.

If the value of your boosted assets grows, you can repay your outstanding credit and realize the profits. However, be cautious of volatile market conditions.

Nexo Card: Credit and Debit in One

The Nexo Card combines Debit and Credit Mode in one sleek package. With Credit Mode, you can:

  • Shop at over 100 million merchants worldwide.
  • Spend without selling your crypto.
  • Get up to 2% cashback on your purchases.

What is my reward?

24 randomly selected users who borrow at least $500 in digital assets for the first time will split a 0.5 BTC prize pool as follows:

  • 1x reward: 20% (0.1 BTC)
  • 1x reward: 15% (0.075 BTC)
  • 1x reward: 10% (0.05 BTC)
  • 1x reward: 5% (0.025 BTC)
  • 20x rewards: 2.5% each (0.0125 BTC)

How long will the Borrow Promo last for?

The limited-time promo starts on Mar 11, 14:00 UTC and ends on Mar 25, 2024, 23:59 UTC.

How can I borrow funds on Nexo?

To start, you need to top up assets or buy crypto that will serve as collateral for your crypto-backed loan. Here is the list of supported assets that can be used as collateral. Adding assets to your Nexo account is quick and easy. Here’s a couple of ways to do it:

  • Buy instantly digital assets directly with your credit or debit card, Apple Pay, Google Pay, or through a bank transfer.
  • Transfer digital assets from an external wallet by using your Nexo top-up address.

On Nexo, you can take a loan in stablecoins. To take out a crypto-backed loan, follow these steps:

  1. Log into the Nexo App.
  2. Click ‘Borrow’ and choose ‘Loan Type’.
  3. Select ‘Currency to Receive’ and enter an amount.
  4. Click ‘Borrow” and get funds to your account.

How can I take advantage of a 0% interest loan?

With Nexo’s Zero-Cost Credit Lines, customers can benefit from preferential borrowing rates as low as 0%, depending on their Loyalty Tier. Here’s how you can get a zero-interest loan: Platinum Tier: You need to sustain a Loan-to-Value (LTV) ratio below 20%. For instance, if you have a 2,000 USD loan, then you need to have at least 10,000 USD worth of crypto serving as collateral in the Credit Line Wallet.

  • For example, you have 1,000 USD in BTC and you decide to borrow in USDT at 20% LTV. This amounts to approximately 200 USD in USDT. If you sustain Platinum Tier and an LTV below 20%, it's like you have borrowed 200 USD without any cost - you pay back exactly what you borrowed, with no interest.

If your LTV is above 20%, then you get 7.90% interest on your loan.

  • There is no minimum monthly repayment on crypto-backed loans. The interest rates are annual.

When will I get my reward?

If you are one of the random draw winners, you will get your reward from the 0.5 BTC prize pool by April 5, 2024. The rewards will be distributed in your Savings Wallet.

Are there more ways to get BTC rewards?

Yes, absolutely! Up until the Halving event, there will be more promotions you could participate in and grow your rewards on the way. Once released, you can dive into our Fixed-Term Promo for extra chances to get BTC rewards as we move closer to the Bitcoin Halving event. P.S. If you happen to be a new user on Nexo, you can also participate in our Kick-off Bonus and claim 10,000 Satoshi. You can find more about it here.

Disclaimer: The promotion won’t be available in the following jurisdictions: the USA, UK and Canada. The Nexo Card is only available to citizens and residents of the European Economic Area (EEA).

For the full terms and conditions of the “Borrow” promo visit our dedicated legal page.