Nexo Lending Platform Adds Bitcoin Cash Support!
Cryptocurrency loans service Nexo has confirmed it is adding support for bit-coin cash (BCH). The Switzerland-based lending platform offers crypto-fiat loans from upwards of $1,000, with no credit checks required as collateral. BCH holders will be able to stake their cryptocurrency as collateral and obtain instant funding in more than 40 fiat currencies.
Cryptocurrency lending service Nexo has been expanding rapidly. It recently added Ripple’s XRP and has now confirmed support for bit-coin cash and lite-coin. These coins will join BTC, ETH, BNB, and NEXO, granting cryptocurrency holders the ability to borrow anywhere from $1,000 to $2 million. Rather than sell their bit-coin cash when they require access to capital, users can lock BCH into the Nexo platform, before retrieving their coins once their loans have been repaid.
Nexo’s cryptocurrency assets are secured by custodial partner Bitgo, which just closed a Series B funding round from investors including Goldman Sachs. Bitgo has attracted a number of institutional clients to its service, as well as cryptocurrency companies such as Kraken and Pantera Capital. Once cryptocurrencies have been placed as collateral with Nexo, customers can obtain instant loans, and will also be entitled to additional credit should the value of their cryptocurrencies appreciate. Nexo boasts of having issued more than $1 billion of cryptocurrency loans to date.
Cryptocurrency holders today have a plethora of lending options available. On Oct. 19, news.Bitcoin.com reported on Salt adding support for dogecoin, while platforms such as Ethlend and Celsius Network have also been gaining traction. Cryptocurrency loans have a range of applications, including the provision of short-term funding for hedge funds that have invested in cryptos and wish to obtain capital for new investment opportunities. Nexo’s crypto-fiat lending service has also attracted cryptocurrency miners seeking to cover hardware expenses, as well as investors who wish to take out loans to buy more cryptocurrencies in the belief that they will rise in value, so they can profit without selling their existing holdings.