NEXO Crypto Loan Platform Allows Investors to Earn Interest on Hodling Stablecoins
Nexo Reveals Potential to Earn Interest Up to 6.5% on Stablecoins
In a tweet made out on Monday, October 29, 2018, crypto-backed loans provider, Nexo revealed that users will now be able to earn 6.5% interest on select stablecoins. More specifically, the team noted that they are the first to come up with such a protection for stablecoins.
Which stablecoins have made the list? It looks like they include Gemini’s stablecoin, GUSD, Paxos Standard Token (PAX), Maker’s Dai (DAI), the USDCoin (USDC) and TrueUSD – all revealed in the tweet as well.
Nexo has a wide range of options when it comes to granting crypto loans, which include tokens like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and its native token, among others. Said tokens can be used as a collateral on loans for at most 25 percent of one’s digital asset collections.
As per a Sludge Feed post, this endeavor has a total market capitalization of about USD$101 million, where the Nexo team is said “to distribute 30 percent of the platform’s profits to NEXO holders,” starting mid-December of this year.
To learn more on what crypto-backed loans are all about and how they work, check out: https://nexo.io/