We are thrilled to announce Litecoin as the newest collateral option for Nexo’s instant credit lines.
LTC holders can now access instant cash in 45+ fiat currency while keeping the upside potential of their #LTC!
— Nexo (@NexoFinance) March 29, 2019
With the listing, Litecoin joins several other major cryptocurrencies, including BTC, ETH, XRP, NEXO and BNB. The current APR is 16% for crypto-backed loans, but that rate is cut in half for users that put up NEXO as collateral.
This news comes a week after Nexo revealed that investors can now earn up to 6.5% interest on major stablecoins stored on the platform.
According to the site, TrueUSD (TUSD), USD Coin (USDC), Tether (USDT), Paxos Standard Token (PAX) and Dai (DAI) now pay up to 6.5% compounding interest, which is distributed daily. Additionally, the funds can be withdrawn whenever, so there’s no lock-up period.
NEXO is currently up 2.3% on the day to $0.075672, giving the token a $42.4 million market cap. Meanwhile, Litecoin is up 0.9% to $61.56, giving the fourth-largest altcoin a $3.78 billion market cap.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.