Nexo Crypto Lending Platform Adds Bitcoin Cash Support

by | Oct 25, 2018 | Cryptocurrency, Cryptocurrency News

Nexo | Cryptocurrency Lending Platform | Bitcoin Cash | Litecoin

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.

Nexo

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.

More: Mike Novogratz And Goldman Sachs Invests In Crypto Startup BitGo

Crypto-Fiat Loans

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.

Adding bitcoin cash and litecoin to their armor is partially due to a community vote that indicated a strong desire for the coins. The bitcoin cash lending services will go live in a few weeks’ time, meanwhile, the lending platform is currently finalizing BCH wallet integration. Nexo has also completed integration with Coinmarketcap, which allows the visitors of market data site to initiate the loan process by clicking a handy “Get Loan”, button alongside cryptocurrencies such as BCH and BTC.
Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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