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Binance Coin [BNB] to be accepted as collateral for Nexo’s crypto-backed loans

Priyamvada Singh

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Binance Coin [BNB] to be accepted as collateral for Nexo's crypto-backed loans
Source: Pixabay

Nexo, a FinTech group powered by Credissimo, announced that Binance Coin [BNB] will be accepted as collateral for the crypto-backed loans it launched recently. According to Nexo’s post on Medium, Binance and Nexo have a huge common customer base that they serve.

When Nexo in its token sale first indicated Binance to be its preferred choice for its crypto-backed loans, it proved Nexo’s dedication in listening to its customers. This is the primary reason why Nexo has decided to closely integrate Binance’s native coin BNB in its crypto loan plan.

Nexo retweets Binance

BNB, in the current market scenario, has proved to be a safe investment as the prices remain relatively stable than other big coins. Over the span of 3 months, BNB has seen a maximum price fluctuation from $7.97 to $17.35 with a market cap of about $700 million and close to $2 million, respectively. The current value of BNB stands at $14.92.

The idea behind launching such loans is to provide traders with the ability to access instant coins without losing out on the upside potential of the cryptocurrency. This adds more value, freedom, and control over personal deposits into the crypto community. The loan is instant, does not possess an exchange fee, hidden fee, or taxes.

While Nexo already has various collateral plans for its customers, it will soon broaden the range of assets to be accepted as collateral. Following this, several cryptocurrencies have submitted applications to get on board with Nexo in order to enable their holders to borrow against their coin.

This makes the digital finances in the crypto community more real, mounts more utility on tokens, and also reduces the pressure of selling on exchanges.

KinGeeK – The Alchemist, a crypto-investor and blockchain enthusiast writes:

“I agree. @NexoFinance You guys should add @vechainofficial next. $NEXO & $VEN are both great projects that incentive holders/long term investors. win/win indeed. July will be an amazing month for both projects! Counting the days by the minutes 🍾🍷💰”

Another Twitter user, Peter Atkins, commented:

“What about loyal token holders who supported you during the private sale who now have tokens down to ICO prices?… I have over 50k in tokens do I get the offer?”





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

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