October truly left its mark! Last month brought a significant upgrade to one of our core products, a helpful borrowing feature, and more. This month, we have our Principal Product Designer join in to share his insights, so let’s dive right in.
Experience the New Nexo Exchange
This month, the Nexo Exchange saw its biggest upgrade since its launch in 2020. We’ve introduced a fresh redesign and a powerful tool to help you diversify your strategy.
The standout upgrade Trigger Swap enables you to buy and sell digital assets automatically at your desired price. But that’s not the only benefit: You will receive interest on your assets while you wait for the order to be executed. Want to know more about these types of orders before trying the new feature?
The Tools to Enter & Exit the Market
Dive into a bite-sized course to learn more about using automated orders.
The full upgrade of the Nexo Exchange also allows you to:
- Pick your order type from an intuitive dropdown menu.
- Enter an amount for the asset you want to buy.
- Change the asset you’re selling in your selected pair with a tap.
To explore the full upgrade, go Behind the Scenes with our Principal Product Designer to gain insight directly from the kitchen.
Keep Your Borrow Rate Low
If you’d rather not constantly watch your LTV to secure our top Platinum and Gold Tier rates, you can now activate Low-Interest Borrowing from your Credit Hub.
This feature automates transfers from your Savings to your Credit Line Wallet whenever your collateral’s value decreases.
Algorand (ALGO) Listed
You can now buy Algorand (ALGO) with card, Google Pay, or Apple Pay on Nexo. The new asset can also be used as collateral for a crypto-backed loan starting from 0% interest.
Don’t fancy the current price? Try the Trigger Swap on the Nexo app to buy ALGO only when your desired price is reached.
New Network for USDT Transfers
Getting stablecoins into your Nexo account is now even more cost-efficient. Just top up USDT via the low-cost Tron network and start earning up to 16% interest.
In case you missed previous updates, you now have a choice of four networks for USDT transfers – Ethereum, Binance Smart Chain, Polygon, and now Tron!
Behind the Scenes ????
In this new segment, we give you an exclusive look at the product design and development process at Nexo. To kick things off, let’s dive into the transformative journey of the Nexo Exchange with the guiding force behind the product since day one – Plamen Silyanov.
1) How did the Nexo Exchange redesign start?
We’re constantly listening to our community and trying to deliver what matters most to them. The team began by actively gathering feedback, talking directly with clients, and exploring data about the use of our products. Based on this research, we identified room for improving the Nexo Exchange. The priority was to offer more advanced tools for better control over trades, but at the same time, make the interface even more intuitive.
2) What were the challenges with the project?
Our clients have continuously praised the Nexo Exchange for its simplicity but at one point, the interface became information-heavy and might have taken focus away from what matters the most – a simple swap between two assets.
At the same time, during our analysis and talks with clients, we identified a pressing need to scale the product with more advanced trading tools. After receiving valuable insight from our users, we went to the drawing board to rethink the Nexo Exchange. The key question was “How can we keep the simplicity, but have a scalable product to match the demands of our clients?”
3) How did you achieve the optimal swapping experience?
Swapping assets swiftly and efficiently is the essence of a crypto exchange, and our design acknowledges this fundamental need. Our new minimalistic design isn’t just about decluttering for visual appeal; it’s a testament to our commitment to prioritizing what our users value most.
With less visual noise, users can focus on what’s essential: evaluating the assets and executing swaps. By providing a spacious layout, especially when the phone keyboard is active, users can comfortably input values and details.
With that comes the Trigger Swap – a functionality that lets you automatically swap assets when they reach a predetermined price. Simply set your desired price and let the system execute the trade. This comes alongside another user-driven improvement: instead of just specifying the amount you wish to sell, you can now input the exact currency amount you want to receive, offering even greater precision and control.
4) You’ve also improved the Nexo Booster?
While the Booster has been a part of our product suite for a while, we felt it could be improved. Our focus was to make it simpler, more intuitive, and to reduce the number of steps required to use it. The new Booster design ensures it’s non-intrusive so that users who are not interested in the product aren’t distracted. Yet, for those who are, it’s effortlessly accessible.
With the addition of direct leverage buttons – 1.5x, 2x, and 2.5x – users can now quickly select their desired boost without diving into sub-menus. This redesign isn’t just about aesthetics; it’s about efficiency, making sure that users can harness the power of the Booster without any friction.
5) What’s important for you when designing new products or improving existing ones?
We, as designers, started doing what we do because we love to make experiences feel good, easy, and beautiful. At Nexo, we are fortunate enough to share a common vision with a team of passionate product experts, developers, analysts, and marketers, who all want to play their part in shaping those experiences. After all, we are also users with a genuine passion for fintech and crypto, so we want to offer a product that can make it easy for everyone to manage their digital assets.
Don’t miss the next “What’s New“, where we bring you the latest product updates and developments at Nexo.
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