Nexo, a regulated digital asset entity that “unlocks the power of crypto,” has launched a new off-chain and free transfer service for supported cryptocurrencies.
Off-Chain Transfer Suits Nexo’s Broad Community
As per a press release on August 25, the service is accessible to over two million users. It allows any of the more than ten supported digital assets, including Bitcoin and Ethereum, to be moved without paying fees between Nexo accounts.
As per the Product Owner, this solution only fits the platform, keeping in mind their broad client base and “360-degree product suites” on offer.
Commenting, Elitsa Taskova, an executive with Nexo, said:
“Off-chain transfers are the way to go for companies with broad communities and 360-degree product suites like ours. Since the Nexo platform is the go-to crypto platform for entire extended families and friend groups, this type of transfer ensures that no matter how high the fees and congested the network, if you want to send funds to your friends or family, you can always do so hassle-free – with zero transfer fees, instantly.”
The feature is available for its mobile and web clients.
Nexo has said the service would save its clients the need to transact through third-party services who end up charging high fees.
Additionally, since the service is off-chain, clients are saved from shelling unnecessarily high network fees in some networks like Bitcoin and Ethereum.
Nexo Is Moving in Sync with Wider Development for Low-Cost Crypto Transfers
To transfer funds, the user needs first to input the address or scan the QR code.
Afterward, Nexo will automatically associate the receiving address with any of its accounts.
From there, funds will be quickly transferred to the destination address without network confirmation or being looped via third-party custodians.
Nexo has also indicated that though the transfer is classified as a “withdrawal,” its system won’t reduce the number of free monthly crypto withdrawals allocated to their users.
The crypto community is increasingly shifting its attention to off-chain solutions to address the need for near-zero or nil transaction fees and instant transactions.
Nexo’s off-chain transfer solution mirrors the trajectory of the wider crypto development community towards the realization of such convenient yet secure products.