LONDON–(BUSINESS WIRE)–October 22, 2019–
Nexo, the leading crypto lending institution, is pleased to announce that having secured long-term cost-efficient financing, it has significantly lowered the rates on its signature Instant Crypto Credit Lines to the benefit of its customers, effectively offering one of the lowest APRs (Annual Percentage Rates) in the blockchain space:
- The APR on Nexo’s Instant Crypto Credit Lines now starts at only 5.9% with no hidden fees, no minimum repayment requirements and no credit checks which ensures maximum flexibility for clients to borrow against their crypto assets in 40+ fiat currencies across more than 200 jurisdictions.
- Unlike most lenders in the blockchain space that charge up to 4% in origination fees and 5-13% in liquidation fees, Nexo conducts business without any additional charges as an extension of its #ZeroFees initiative
- The rate cut is the result of the company’s ongoing effort to bring down its funding costs by utilizing Nexo’s extensive network of financial partners and access to institutional liquidity.
- The lowered interest rates for Nexo’s Instant Crypto Credit Lines mean а larger volume of business which in turn ensures ever-growing dividend payments for NEXO Token Holders.
- Regardless of the reduction of borrowing rates, the interest on Nexo’s ‘Earn Interest’ product remains 8%, meaning clients will continue to benefit from the current high-yield interest on their idle assets.
- Nexo always strives to further improve rates for its user base, currently surpassing 300,000 people worldwide, and offering credit lines with a minimum amount of $500 and up to $2 million, is one of the many milestones along the road to make decentralized financial services even more inclusive.
As the tokenization of the world progresses further, the improved interest rates guarantee that Nexo’s cutting-edge products are utilized by an even wider audience across the globe. One of the early examples is the world’s first crypto-backed mortgage issued by Nexo to Brock Pierce for the purchase of a second home, all the while retaining ownership of his Bitcoin – a concept that now finds wide-spread adoption in the blockchain community.
Building on top of the success with its products with cryptocurrencies and stablecoins, Nexo is now beginning to offer the same efficient mechanism of financing for tokenized gold, making gold-backed borrowing accessible for as little as $500, something that was previously reserved for the ultra-wealthy.
Nexo is the blockchain’s leading regulated financial institution and the only provider of Instant Crypto Credit Lines, offering investors tax-efficient access to the value of their digital assets without having to sell them. Built by a team of professionals with more than a decade of FinTech success, the Nexo platform has processed more than $1 billion in under 18 months.
All Nexo products are fully automated, offer an incredibly intuitive user experience and the flexibility to fit the individual financial needs of a global customer base of more than 300,000 users. Nexo boasts guaranteed approvals, no hidden fees, and an unrivaled $100 million custodial insurance which have appealed to a wide variety of institutional clients, hedge funds and family offices, crypto mining enterprises, blockchain companies, exchanges and everyday cryptocurrency investors.