Nexo Announces BNB Token Acceptance for Crypto-Supported Collateralized Loans
Nexo is supported by Credissimo as a FinTech group that offers crypto-backed loans. In a recent announcement, they showed their new inclusion of the Binance Coin (BNB) as a new form of collateral that can be used to fulfill those loans. They made a post on Medium that expressed this partnership, saying that it makes sense with the common customer base that both parties are included in.
Thanks for that @cz_binance – what you have done for exchanges is the benchmark of what Nexo is doing for lending! @binance executives will get a 50% discount on their first loans, using $BNB or $NEXO as collateral ;)https://t.co/DPUYysgG3f https://t.co/WBHY49Yzmj
— Nexo (@NexoFinance) June 14, 2018
When Nexo originally held its first token sale, Binance was their first choice for backing the loans, which demonstrated how important it was to hear the needs of the participating customers. In fact, this decision is much of the reason that they are now using Binance’s BNB tokens for their crypto loans.
The whole goal of this move is to give consumers instant access to coins, but without sacrificing the potential upswing of the industry. Basically, consumers get more freedom from the confines of investments, but more personal control in their transactions. Each loan happens instantly.
There are plenty of collateral plans available through Nexo right now, but they will soon expand their selection of accepts that they accept. Multiple cryptocurrencies have applied to be part of Nexo, but no other announcements have been made.
Some enthusiasts have posted their ideas for the next cryptocurrency to be added, while others want to know what to do about their coins that have lost value. However, consumers should keep in mind that, like any investment, the value is subject to the demands of the market.
Right now, BNB is remaining unscathed by recent changes in the industry, maintaining the stability in their value.
Over the last 90 days, BNB’s biggest range has been from $7.97 to $17.35, though the current value is $14.92 per coin. They have a market cap of $700 million.