NEXO Reduces Minimum Loan Limit to $500 as Crypto Lending Platforms Form Roots in Ecosystem
This week, NEXO announced the reduction of its minimum lending limit to $500. NEXO is a lending platform that allows users to access loans by using their digital assets as collateral.
The lowering of the minimum loan limit is aimed at increasing the appeal of NEXO, especially to crypto investors with small portfolios. As a result, traders with $500 worth of Bitcoin, Binance Coin, Ethereum, Ripple, and NEXO can easily get loans from the company.
Additionally, NEXO is currently working on introducing a service that enables users to earn interests on their cryptocurrency holdings. All of the digital assets that can be used as collateral will also earn the investor 6.5% if stored on NEXO. This also applies to established stablecoins such as Dai, TrueUSD, USDCoin, Paxos Standard Token, and Gemini Dollar.
The new minimum for Nexo’s instant crypto credit lines is $500 with insured custody, making us the most inclusive lender & hugely increasing our market share.
Join the crypto spring by getting your instant loan in 200+ jurisdictions & 45+ fiat currencies!https://t.co/2bghrhuMYS pic.twitter.com/y2tEzxBcF3
— Nexo (@NexoFinance) February 24, 2019
As of now, TrueUSD is the only stablecoin that can be used as collateral as well as a means of repayment for loans offered by NEXO. The platform allows investors to borrow against TrueUSD.
The NEXO token has been faltering of late. Over the past 24 hours, it has plummeted by 21% and currently trades at $0.068. Regardless, it is still among the top 100 digital currencies, with the AltDex 100 Index ranking it at number 62.