The crypto lending institution recently announced that it has reduced interest rates on the prompt crypto credit lines.
Cheapest Rates on Blockchain Platform
On Oct. 22, a press release was published where Nexo announced they were reducing the interest rates on their credit line service. The reason why they came up with that objective is that the crypto lending company has secured cost-efficient and long-term financing. The immediate lending institution affirms that they are the only company that offers the lowest interest rates in blockchain’s ecosystem.
The crypto lines interest rates are reported to start at 5.9% and do not have any minimum repayment requirements. There are also no credit checks to go through. The loan coins and the service is available in over 200 jurisdictions.
Nexo enables digital asset holders to choose against a wide variety of digital coins like Ether, Bitcoin, Litecoin, Ripple, and other assets. The ownership of the borrowers’ assets does not change; they remain the sole owners.
Nexo reported in August that they had paid their users around $2,409,574.87 in dividends. That was an annual dividend yield of about 12.73%. The lending platform is estimated to have more than 250,000 users. Therefore, their dividend yield is reportedly higher than any other dividend-paying stock that is listed on the S&P 500 market index.
In August, Nexo unleashed a MasterCard that was branded cryptocurrency credit card. It is said that it is the first card on earth that allows crypto users to spend their cryptocurrency value without actually spending it.
Celsius Network: Biggest Competitor
According to Cointelegraph, a cryptocurrency borrowing and lending platform Celsius Network, Nexo’s chief rival, completed more than $2 billion in crypto loan origination. They have also received $300 million in deposits for the past 12 months.
Celsius has finalized more than 160,000 loan trades and has dispersed interest payments amounting to $3 million. According to the company, they are the number one growing lending institution in the world.