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Voyager

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.


This means that investors who currently hold at least $500 worth of Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Binance Coin (BNB), or NEXO can now secure a loan on the platform.

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.

Announcement: New $500 Minimum Amount for Nexo’s Instant Crypto Credit Lines
Related: Nexo Announces 6.5% Interest for Holding Major Stablecoins

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.

Voyager