Nexo, a leading player in the crypto lending sector, recently increased its crypto lending offering. The company, which was the first to offer instant credit lines with crypto as collateral, announced it had added BTC and ETH to its recently-launched Earn on Crypto products. Users will now earn up to 10% interest on their digital assets.
What the Leadership Had to Say
According to Antoni Trenchev, Nexo’s Managing Partner, Nexo has always been committed to creating sustainable business models, which thrive in any market environment. He added that with their latest Earn on Crypto product, they had developed leading solutions, which capitalize on inefficiencies. To achieve this, the company was using market-neutral strategies while maintaining high asset-protection standards.
About the Earn on Crypto Product
The Earn on Crypto Product is the most competitive product of its kind in the sector. It offers users superior yields on the crypto holdings since interest payments are made daily. Other products usually pay interest monthly or weekly. With their ETH, BTC, LTC, BCH, XRP, and EOS holdings, users can earn up to 5% interest. If they deposit GBP, USD, Stablecoin, and EUR, they can earn up to 10% interest.
Trenchev added that they take asset protection very seriously. They know that trust is their most valuable commodity. To this end, Nexo has implemented military-grade ISO/IEC 27001:2013-certified security measures.
Other features that make the Nexo platform attractive are no limits on crypto deposits, no lock-up periods. Besides that, users have peace of mind that all the funds they deposit are backed by the company’s growing portfolio of over-collateralized Instant Crypto Credit Lines.
The company user base currently stands at 800,000 and their transaction volumes have doubled in the last 12-month period to reach over $3 billion.
Nexo is a company in the crypto sector that offers instant credit lines. The company is considered a leader and a pioneer in the regulated digital assets financial sector. During a podcast interview held at the end of May 2020, Trenchev discussed the various benefits users get. One of the benefits he gave was the tax efficiency of the platform.
He noted that for US citizens, there was a 40-44% tax obligation for the sale of BTC. However, if a person were to borrow against their BTC, they could write off the repayments. Besides offering lines of credit, users can earn an income from their crypto holdings instead of “hodling” them until the price rises. Nexo also offers users tokenized gold. With the Tokens representing physical gold, users can more easily move their gold holdings. Additionally, they can store the gold assets securely, which is difficult with physical gold. All assets on the platform enjoy custodial insurance of up to $100 million. Additionally, they are secured by the military-grade security offered by the Nexo Wallet.