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.
We have been talking to Ethan about Xrapid, will keep you posted :)
— Antoni Trenchev (@AntoniNexo) November 13, 2018
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.