Nexo (NEXO), a cryptocurrency-backed loan platform, announced Sunday that it has lowered the minimum for its crypto loans to $500, providing a more inclusive platform for investors with smaller portfolios.
The new minimum for Nexo’s instant crypto credit lines is $500 with insured custody, making us the most inclusive lender & hugely increasing our market share.
Join the crypto spring by getting your instant loan in 200+ jurisdictions & 45+ fiat currencies!https://t.co/2bghrhuMYS pic.twitter.com/y2tEzxBcF3
— Nexo (@NexoFinance) February 24, 2019
Nexo is also in the process of rolling out a new functionality that allows investors to earn interest on their holdings. Major stablecoins including TrueUSD (TUSD), Circle’s USDCoin (USDC), Gemini Dollar (GUSD), Paxos Standard Token (PAX) and Dai (DAI) will qualify for 6.5% interest when stored on the platform, in addition to the aforementioned cryptocurrencies.
Thus far, TrueUSD is the only stablecoin to be offered as a collateral and repayment option on Nexo. Investors can borrow against TUSD with a 95% loan-to-value (LTV) ratio, in addition to funding existing loans.
NEXO is currently down 20.7% over the last 24 hours to $0.068420, giving the token a $38.3 million market cap and making it the 62nd largest coin in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.
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.