Binance Coin (BNB), the cryptocurrency of the world’s largest trading exchange by volume, will be accepted as collateral by Nexo, the word’s first instant crypto-loans platform, starting July 1, 2018.
The decision was taken after considering the fact that there is a considerable overalap of customer base of Nexo and Binance, which is arguably the most popular cryptocurrency exchange trading platform.
The Nexo team believes that there will be a considerable value addition by facilitating instant cash to BNB holders. Getting a loan will not affect BNB holders’ chances of realizing gains from the appreciation of the token.
The Switzerland-based Nexo also stated that it would continue to expand its range of cryptoassets which will be accepted as collateral for crypto-backed loans. Presently, 26 firms have applied to get their tokens listed in the Nexo platform. Nexo is the official cryptotoken of the crypto-loan platform. The asset-backed Nexo tokens offer a generous 30% dividend based on the company’s profit. Therefore, it is almost regarded as a safe haven in the cryptocurrency sector.
Nexo is backed by Credissimo, a FinTech Group serving millions of Europeans for more than a decade. Credissimo strictly follows the EU’s financial regulations and supervised by multiple European Banking and Financial Services Regulators.
Nexo is also a member of the Crypto Valley Association. The 600 member strong association includes reputed companies such as ConsenSys, PwC, KPMG, Thomson Reuters, Luxoft, UBS, Lucerne University of Applied Sciences and Arts, Canton of Zug, etc.
