The cryptocurrency lending platform Nexo introduced the release of a brand new NFT lending table in collaboration with 3 Arrows Capital.
Partnership
Nexo announced the launch of a new NFT Lending Desk service for OTC clients. It’ll help to become the first crypto lender to introduce NFT-collateralized crypto credit and art financing services for the asset class. The launch results from Nexo’s collaboration with the prominent crypto and NFT-focused hedge fund Three Arrows Capital.
Purchasers the use of the NFT Lending Table will have the ability to borrow stablecoins, ETH, and different crypto belongings. Users may be able to additionally authorize Nexo to execute NFT purchases on their behalf the use of the crypto credit score issued.
Recently, Nexo announced that it had partnered with institutional crypto custodian Fidelity Digital Assets. The partnership will see the two companies launch a suite of products designed for institutional investors in a bid to attract them to the cryptocurrency space. The platform will initially accept Bored Apes and Cryptopunks NFTs, before adding more items continuously.
Quotes
“NFTs’ potential reaches far beyond art, encompassing ownership, exclusive access, functions, and features. As we continue to discover the full scope of this asset class, services like Nexo’s lending will be in high demand to unlock NFTs’ underlying value while allowing users to retain ownership,” Nexo Co-founder Antoni Trenchev said in a press release.
“Our partnership with Three Arrows Capital is a definitive move towards providing financial instruments and Web3-native MetaFi,” said Trenchev commenting on the collaboration that bolstered Nexo’s crypto credit issuance capabilities, and enabled the lender to broaden its market reach.
“We are happy to partner with Nexo and demonstrate our recognition of NFTs’ promise as a financial instrument–one that requires appropriate, high-quality financial tools to be fully leveraged. At Three Arrows Capital, we’re fuelled by and invested in such forward-facing innovation,” commented Three Arrows Capital Director Kyle Davies.
