Nexo Partners With Terra For Asian Market Expansion, Release Nexo Wallet’s iOS And Android Apps
The Asian crypto market is expanding at a terrific rate, as more and more people hop into the digital currency bandwagon. From Korea, across China and Japan all the way to Hong Kong and beyond, the crypto gospel is spreading like bushfire.
But amid this massive adoption, crypto-backed lending and savings services across the continent are still low. In fact, it’s almost nonexistent in some regions, a scenario that mostly places a majority of the region’s eager investors at a considerable disadvantage.
In light of this, Nexo is determined to ensure that the market gets a more efficient and convenient lender. Nexo, a crypto-backed banking and lending solution, is partnering with Terra to provide refined decentralized financial products along and effectively expand the region’s crypto lending market.
Terra, the project behind the next generation Blockchain-backed payment system, will help Nexo suitably fulfill the needs of the continent’s markets. Part of its roles in the partnership would include acting as the collateral option in Nexo’s instant credit lines. Basically, users will instantly get a loan in either fiat or crypto upon sending Terra into their Nexo accounts.
Additionally, through Nexo, all Terra holders will get much higher interest rates on their stake. They’ll be assured of up to 8%, besides Terra using their seigniorage model to offer more returns on top.
Nexo And Terra Are ‘Natural Partners’
The decision to partner and jointly ensure that the regions over one billion people enjoy heads of both firms have lauded quality financing. Daniel Shin, co-founder of Terra, couldn’t hide his excitement, saying that being part of Nexo’s high-yield savings program would help use their seigniorage to finance even higher interest rates.
Nexo’s MD, Antoni Trenchev, on his part, praised Terra’s seigniorage model, saying their stablecoin would be the most used alternative across Asia. For many praising this partnership, however, Nexo and Terra are seen as “natural partners” given that they both share a common goal of decentralized financial services.
Nexo Wallet App Is Out!
Meanwhile, Nexo now has their iOS and Android apps out. The apps, available on their respective stores, are now available for download and use, according to Nexo.
One of the reasons why Nexo had to develop and release a dedicated Nexo Wallet app was to allow their clients to enjoy crypto banking securely, efficiently, and conveniently on the go. The app reportedly comes with a seamless and uncompromised UI.
Moreover, it will allow a user to access their funds without selling off their digital assets instantly. With the 8% interest rate, those crypto owners whose assets are lying idly are now assured of a decent return. What’s more, the app will allow them to safely store, send or receive and pay with their digital assets.
For Nexo (http://nexo.io/), an approved and regulated crypto lending institution, the fact that it has already processed over $700 million and interacted with over 200,000 traders is a testament to its growth. Even as it makes a foray into the Asian market, the rapport it already has, coupled with the whopping $100 million insurance it has on all the assets it has, will ultimately help in its success.