Cryptocurrency loans service provider Nexo has added support for Bitcoin and Ethereum. BTC and ETH holders will be able to stake their cryptocurrency and earn up to 10% interest on their digital assets.
The Switzerland-based lending platform announced via a press release on June 25, 2020, it was stepping up its crypto lending activities. Nexo users can stake their cryptocurrency as collateral and receive instant funding on over 40 fiat currencies. Nexo offers financial products for cryptocurrency holders. The company services customers worldwide with interest-earning accounts and low-cost loans backed by crypto. Nexo Managing Partner Antoni Trenchev said:
“Building sustainable business models that thrive in any market environment has always been part of Nexo’s DNA. For our new Earn on Crypto product, we have developed unrivaled proprietary solutions to capitalize on inefficiencies via market-neutral strategies, while maintaining asset protection.”
Interest Paid Daily
Nexo’s Earn on Crypto product is the most competitive in the market. Users have the potential to earn high yields on their crypto assets, with interest being paid daily. Other crypto lending companies offer interest payments weekly and monthly. As per the statement, users will be able to earn up to 5% interest on BTC, ETH, XRP, XLM, LTC, BCH, EOS, and up to 10% on USD, GBP, EUR, and Stablecoins.
Comparatively, Celsius Network almost manages to emulate Nexo by offering a fixed rate across most Stablecoins: 7% for TUSD, GUSD, PAX, and USDC. Crypto.com offers an interest rate of 6% on three Stablecoins (USDC, TUSD, and PAX) and three of the most popular digital currencies (ETH, BTC, and XRP).
Take User Funds Seriously
Investors in Nexo have nothing to worry about as their crypto assets are safeguarded by Bitgo custodial partner. Bitgo has become the go-to partner for numerous institutional clients and crypto companies. The list of its clients includes market leaders like Kraken and Pantera Capital. Trechnev added:
“We take user funds very seriously and consider our customers’ trust our most valuable commodity, so we’re pleased to share that their assets benefit from our military-grade, ISO/IEC 27001:2013-certified security infrastructure.”
Once a customer places their cryptocurrency as collateral with Nexo, they can obtain instant loans. Users are entitled to additional credit should the value of their cryptocurrencies appreciate. The firm boasts of having issued more than $3 billion of cryptocurrency loans and still counting.
Leverage Crypto Holdings
Nexo is a blockchain-based lending platform that offers loans to cryptocurrency holders. Crypto lending is currently the buzzword offering a viable method for crypto HODLers to benefit from their digital assets by speculating on their market prices. Nexo enables crypto investors to issue and borrow crypto loan services while using different crypto assets as collateral.
Nexo has become a game-changer by offering real value and utility to crypto users and the crypto space. Users can leverage their crypto holdings to access fiat loans without the crippling terms and conditions associated with traditional loans. The addition of Bitcoin and Ethereum will most likely advance the platform and how its offerings will continue to evolve.
