The price of Nexo (NEXO), a cryptocurrency-backed loan platform, is up 25% over the last 24 hours to $0.092 after it announced a new collaboration with leading crypto index website CoinMarketCap to integrate a “Get Loan” button directly on the site.
Nexo is happy to announce the direct result of @CoinMarketCap’s only collaboration with a crypto-backed lender. Nexo is now the only crypto-backed loans provider with a “Get Loan” button on each page of the most visited website in blockchain with 100+ million views monthly! pic.twitter.com/wHq6ny0F8j
— Nexo (@NexoFinance) October 1, 2018
Created by Credissmo, a leading European fintech group with 10 years of experience, Nexo enables crypto investors to leverage the value of their digital assets without needing to liquidate holdings. Nexo is the first blockchain project to enable zero-fee, instant cryptocurrency-backed loans and its token is a dividend-paying asset-backed quasi-security token with utility features.
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 the crypto-backed loans, but that rate is cut in half for users that put up NEXO.
The recent collaboration with CoinMarketCap gives Nexo access to tens of millions of monthly users, further expanding its competitive advantage against opposing groups like SALT (SALT), a crypto loan startup that Nexo actually offered to acquire back in July.
NEXO’s price has taken a hit since its ICO in May, dropping from a high of $0.38 to around $0.045. However, the recent momentum, which was kickstarted while the company was at Consensus Singapore, has driven the price of NEXO up more than 100% in little over a week and the project now has a $51 million 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.