Nexo, a cryptocurrency lending service confirmed that they are adding a new supporting feature for bitcoin cash (BCH). The lending platform based in Switzerland officially announced that they will now offer crypto-fiat loans starting from $1000 and requires no credit checks for collateral.
The platform of Nexo is expanding rapidly as a cryptocurrency lending service with lots of happy customers and service-satisfied users. Nexo lending works by lending out cryptocurrencies to other entities. Recently they have expanded their services to offer Ripple XRP and just later announced the added loan feature for Litecoin and bitcoin cash.
Now the users will be able to exchange these coins along with already-approved NEXO, BTC, BNB, and ETH for borrowing anywhere between $1,000 and $2 million. Moreover, the new feature will help the users to lock their BCH coins in the Nexo platform. This way, they don’t have to sell their coins in exchange for a complete loan; instead, they could repay the loan and unlock the BCH coins.
One of the reasons for the booming loan platform is their custodial partnership with Bitgo. Bitgo is a well-known name among the cryptocurrency investors as it has teamed up with several other major crypto exchange firms like Pantera Capital and Kraken.
According to Nexo, they have successfully issued more than $1 billion cryptocurrency loans till date. Moreover, the platform approves instant loan once you place your cryptocurrencies as collateral for Nexo system. Additionally, the institution has built it in a way that they could also benefit their customers by additional credit in case the rates of cryptocurrencies boost at any time.
The Nexo loan initiative is appreciative among its customers as they could always freeze their coins in exchange for the instantly available loan, where they don’t have to sell their cryptos for getting such an exchange response. The platform is also known to provide a variety of loan options and choices for the customers.
Among its many customers, Nexo has managed to capture the attention mainly from cryptocurrency miners who are looking for ways to cover their hardware expenses and investors who are freezing their coins in exchange of loan which could help them potentially buy more cryptocurrencies. Once these currencies rise in their sale rates, the investors would be the one to receive the most profits, and they wouldn’t even have to sell their digital assets for it.
Other than that, the cryptocurrency loans carry out operations, and one of them includes provisioning short-term backup funding for hedge funds which invest in crypto and wishes to get a bitcoin loan to invest in new opportunities.
Nexo claims that they have added the feature of bitcoin cash and Litecoin as many of their customers voted for them to do so. Due to a strong desire for the coins, the lending platform finalized their BCH wallet integration before making BCH loans available to the public in a few weeks. Now that it has finished the CoinMarketCap integration, the visitors will now be able to start the process by clicking “Get Loan” button on the website.