The Rise of NewFi Banks

The Rise of Nexo and the NewFi NeoBank, OldFi vs. NewFi Banking, Market Analysis, Valuing Ethereum, & Our Crypto Recommendations

Bitcoin, Ethereum, DeFi, Blockchain, Web 3.0, and the future of money
Published Tuesdays and Thursdays on Substack and Telegram
Thursday, February 4, 2021 | Issue 8 | 586 Subscribers

Chart of the Day: The Rise of Nexo As a “NewFi” Bank

Nexo, a NewFi-bank based in London, offers 6-10% interest on your savings (both fiat and crypto), while most OldFi banks like Wells Fargo and HSBC offer 0.02% on your savings. Their NEXO token is up 784% in the last year. The bank gives 30% of their profits to NEXO token holders, creating cash flow for the holders. In 2020, the dividend payout was up 157% versus 2019 ($6.1M vs. $2.4M)

How In the World Can NewFi Banks Offer 6-8% Interest on Savings While “OldFi” Banks Offer Just 0.02%?

Some friends were asking me today in the Hive Blockchain WhatsApp Group about how NewFi banks like Voyager, BlockFi, and Nexo can pay out 6%-8% per year interest on savings while OldFi banks like Wells Fargo and Bank of America pay out 0.02% per year and often charge you to keep…