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Nexo (NEXO), a cryptocurrency-backed loan platform, has officially added Ripple’s XRP as its fifth collateral option.

While Nexo has not yet officially announced the addition of XRP, many Nexo platform users have taken to Twitter to praise the decision after a deposit button appeared on the platform earlier this week.

Nexo currently accepts BTC, ETH, NEXO and BNB as collateral for instant loans up to 25% of their holdings. The current APR is 16% for crypto-backed loans, but that rate is cut in half for users that put up NEXO.

The new collateral option comes a week after Nexo announced that its long-awaited dividend program will go live on December 15, distributing 30% of the platform’s profits to NEXO holders.

Nexo also recently unveiled a new collaboration with leading crypto index website CoinMarketCap to integrate a “Get Loan” button directly on the site, in addition to a similar partnership with Etherscan.

Related: Nexo Announces First 30% Profit-Share Dividend Date

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.

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