Stellar Added To Nexo’s Instant Crypto Credit Lines; XLM Price Gets A 3.5% Boost
- On “extremely popular demand”, XLM joins five top cryptos on Nexo platform
- This addition Stellar co-founder Jed McCaleb says enables its mission of “unlocking greater financial inclusion and access with the Stellar network”
- XLM price currently in the green, but is the worst performer of 2019 among top 40 crypto assets
XLM’s inclusion in Nexo has been due to “extremely popular demand” on the company's ongoing poll.
Nexo is an instant credit lines provider that has already processed $700 million for over 200,000 users.
We are excited to announce that Stellar is the newest collateral option for Nexo’s Instant Crypto Credit Lines ™.#XLM holders can now access instant cash in 45+ fiat currencies while keeping the upside potential of their XLM! #HODLhttps://t.co/UtCyhVvHVo
— Nexo (@NexoFinance) July 18, 2019
Stellar, an open source network to facilitate the cross-asset transfer of value at a “fraction of a penny.”
“We’re excited that Nexo is enabling cross-border lending and borrowing using Stellar-based stablecoins,” said Jed McCaleb, co-founder of Stellar.
“We think this enables our mission of unlocking greater financial inclusion and access with the Stellar network.”
This will allow XLM holders to borrow against their assets instead of selling them whenever they need instant cash along with offering tax-efficiency.
The assets on Nexo are secured by audited custodian BitGo with $100 million insurance for custodial crypto assets.
Nexo provides a number of benefits in the form of 8% per year interest, no installments, no minimum loan repayments, no hidden fees, and no FX commissions, and within a couple of days free local bank withdrawals.
This option is available worldwide in more than 200 jurisdictions, in the range of $500 to $2,000,000 for over 45 fiat currencies (USD, EUR, JPY, etc.)
XLM Price in Deep Red
When it comes to XLM price, it is not faring well at all.
At the time of writing, XLM has been trading at $0.088 with 24 hours gains of 3.43 percent.
Though in the green with the rest of the market currently, XLM is in the red, not only in the past 7 days but also down by over 23 percent in the last 90 days.
Among the top 40 cryptocurrencies, XLM/USD is the worst performer of 2019, with negative 20 percent returns YTD.
XLM is still down 91 percent from its all-time high (ATH) of $0.938.