Crypto Lending Platform Nexo Cuts Rates on Instant Lines of Credit

Nexo, a crypto lending institution, announced that it has lowered interest rates on its instant crypto lines of credit.

The lowest rates in the blockchain ecosystem

In a press release issued on October 22, Nexo announced that it was reducing interest rates on its line of credit service after obtaining profitable long-term financing. The instant loan platform claims that it now offers the lowest rates in the ecosystem.

Nexo’s crypto lines of credit reportedly start at 5.9% with no minimum repayment requirement or credit check and are available in over 200 jurisdictions.

Nexo allows digital asset holders to borrow against a basket of an array of digital currencies such as Bitcoin (BTC), Ether (ETH), Ripple (XRP), Litecoin (LTC) and others, without losing ownership of their assets.

The lending platform announced in August that it had paid its tokenholders a total of $2,409,574.87 in dividends, achieving an annualized dividend yield of 12.73%. With a user base of over 250,000, Nexo’s dividend yield is claimed to be higher than all dividend-paying stocks listed on the S&P 500 market index.

In the same month, Nexo launched a Mastercard-branded cryptocurrency credit card, which they claimed was the world’s first card allowing users to spend the value of their cryptocurrency without spending it.

Nexo Contest

Cointelegraph previously reported that Nexo’s competitor, cryptocurrency lending and borrowing platform Celsius Network, surpassed $300 million in deposits in just 12 months and made over $2 billion in loans. rooms. In total, Celsius completed over 160,000 coin lending transactions and distributed over $3 million in interest payments. Celsius claimed that it has become the fastest growing lending platform in the world.

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