Ripple XRP has been added to the list of crypto collateral supported by the Nexo loan platform. The addition of the cryptocurrency as a form of collateral increases the number of cryptocurrencies supported by the platform.
Cryptocurrency holders unwilling to sell their crypto holdings and in need of loans for their project have found sustenance in the services of NEXO. A further expansion to the reach of the NEXO loan service platform has seen a recent introduction of Ripple XRP. This means that XRP holders can now enjoy the dividend of NEXO loan services.
Though NEXO is yet to make an official statement on this, it has been pronounced by its community of users through tweet posts. This is based on their observation of a deposit button of Ripple appearing on the website. The new addition takes the tally of the crypto collateral on the platform to 5 presently acceptable cryptos which are BTC, ETH, NEXO, BNB, and XRP.
Ripple’s addition to the Nexo platform further expands the use of the cryptocurrency coupled with its recent growth and partnership with financial institutions all over the world. More growth is expected with further acceptance and use of the xRapid platform by the major financial institutions in the world.
Nexo Platform, and How it Functions
Affording crypto holders to hold cryptocurrency while still providing the holder loans to meet their needs without selling their crypto holdings has prompted the addition of cryptocurrency as collateral to NEXO loan platform.
Obtaining a loan from Nexo platform is quick and easy and fully automated, this is facilitated by its ten years of experience in providing quality service to its clients in online lending.
The use of the platform involves the creation of an account, fulfilling the verification of account and making a deposit of cryptocurrency as collateral. The cryptocurrencies usable as collateral are BTC, ETH, NEXO, BNB, and XRP. The cryptocurrency deposit is imbued with high security as provided for in multi-signature wallets and cold storage at SEC approved custodians, Bitgo and prime trust.
The minimum loan at the moment is $1,000, and the maximum is $2,000,000. This depends on the deposited assets and the loan to value ratio, which ranges from 20% to 50% of crypto collateral.
Meanwhile, Nexo recently partnered a leading crypto index website, CoinMarketCap to integrate a get loan button directly on the website.