Nexo Crypto Loan Provider Adds XRP As Collateral Now Seeks xRapid Integration

Nexo Is Exploring The xRapid Solution After Using XRP As Collateral For Crypto Loans

Nexo announced that it is exploring xRapid in order to improve its services. The decision was taken after the company started to support XRP as collateral for crypto-backed loans. Nexo is the first instant crypto-backed loans provider in the world.

The information was released by Antoni Trenchev, co-founder and managing partner at Nexo a few days ago. On Twitter, the user @EDadoun asked whether they will be adopting XRP usage via any of Ripple’s products such as xVia or xRapid.

Antoni Trenchev answered his question saying that they were thinking about xRapid as a possibility. However, they did not confirm if they will be implementing it soon. Trenchev said that they will provide further information in the future.

xRapid works with the XRP cryptocurrency lowering the costs of transactions and allowing real-time payments. The company decided to build xRapid for firms and other financial companies in the market that need an efficient, scalable and reliable option for cross-border payments.

Some time ago, Nexo launched a new service in which users could have a loan backed by XRP. The decision was taken after analyzing the features of XRP and the Ripple network.

The official announcement about it reads as follows:

“Nexo continues to push the boundaries within the crypto-lending space by becoming the first lender ever to start accepting XRP as collateral for crypto loans, thus providing an incredibly powerful utility feature to the cryptocurrency.”

In this way, the company is already providing services in more than 40 different fiat currencies in 200 jurisdictions around the world. At the same time, the firm partnered with BitGo, allowing clients to have loans of up to $2 million dollars per individual account.

Currently, XRP is the second largest virtual currency in the market being traded close to $0.47 dollars. The virtual currency has a market capitalization of $19.01 billion dollars and it has surpassed Ethereum as the second most valuable network in the market.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin to Follow the Equities Market Up or Down? One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement. The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just...

Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily...

BTC Halving Week Brings in Record Monthly New Accounts & Doubles the Revenue for BlockFi

The past two months have been incredibly dull for the price of bitcoin, but it didn’t affect the businesses in the cryptocurrency space. The...

Currencycloud Partners with Ripple to Leverage RippleNet for Efficient Cross-Border Payments

Currencycloud - one of the global payment processing giants - has become the latest member of the RippleNet family and would help ripple in...

Coinbase Custody and IOHK Partner to Provide Institutional-Grade Staking For Cardano's ADA in Q4

IOHK, the lead developer of Cardano blockchain, and Coinbase Custody, the institutional-grade custodian launched by Coinbase Inc., announced a partnership to allow users to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today