Nexo, the Switzerland-based Cryptocurrency lending service announced that the platform will add bitcoin cash (BCH) support. The firm offers crypto-fiat loans upwards of $1,000, without necessitating credit checks as collateral. Their latest addition will enable BCH holders to present their tokens to facilitate instant funding in more than 40 fiat currencies.
Nexo has been expanding its outreach quite rapidly, the current confirmation of adding support for bitcoin cash and litecoin now sees the platform supporting 6 digital assets. The asset holders can borrow anywhere from $1,000 to $2 million, instead of expending their tokens the user can lock their assets into the Nexo platform for a loan. The coins can be retrieved once the loan has been repaid.
Secured by custodial partner Bitgo, Nexo boasts to have had issued more than $1 billion of cryptocurrency loans to date. The platform also facilitates additional credit if the collateralized cryptocurrency value appreciates. Notably, the custodial partner Bitgo just closed its series B funding round and has managed to attract a number of institutional clients to its service.
Currently, with the ever-growing market of cryptocurrency, the digital asset holders are presented with an ample number of lending options. Just a few days ago, on Oct. 19, the cryptocurrency lending platform, Salt added dogecoin support, while other lending platforms such as Ethlend and Celsius Network have also been gaining much prominence.
The lending market of the digital assets has varied provisions such as short-term funding for hedge funds or to obtain capital for new investment opportunities. Nexa has been predominantly active in crypto-fiat lending service for cryptocurrency miners, who seek to cover hardware expenses. Moreover, many asset holders especially take loans to buy more cryptocurrencies, in hope that the rise in the value of their token, which will earn them profit without selling their existing holdings.