On 23rd October, Nexo, the Switzerland based fiat lending platform, announced that they will start accepting Bitcoin Cash [BCH] as a form of collateral.
Nexo has stated that BCH can be submitted in exchange for instant fiat funding, which includes 40 popular fiat currencies. The platform had announced on Twitter:
“Preliminary results from the poll show strong support for Bitcoin Cash (BCH). Meeting @rogerkver in Tbilisi was a great opportunity to announce the upcoming addition of BCH as a collateral option for Nexo’s crypto-backed loans! Check out the interview here https://youtu.be/8ZG3eZL7aik”
The announcement shows that the cryptocurrency was decided to be added on the platform after a vote that saw Bitcoin Cash turn out to be the most popular one. Nexo has also revealed that till date the cryptocurrency loans sanctioned by the company amounts to a whopping $1 billion.
Reports have also stated that the assets that are given to Nexo as collateral are guarded by BitGo, a cryptocurrency custody company. BitGO’s entry into the cryptocurrency space had made news when it announced itself as an industry disruptor. It is the first platform to offer such a service in the FinTech space with the added advantage of a state trust charter backing it to act as a custody for cryptocurrencies. During BitGo’s initial announcement, the CEO, Mike Belshe had stated that:
“This is the missing piece for infrastructure — it’s a treacherous environment today. Hedge funds need it, family offices need it, they can’t participate in digital currency until they have a place to store it that’s regulated.
Subscribe to AMBCrypto’s Newsletter
Cryptopia hack: Case involving Ethereum-based tokens takes a new turn in the market
Grin [GRIN]’s great fall: The new privacy-oriented coin plummets by 97% within a day
Bitcoin Cash [BCH] Technical Analysis: BCH fails to recover as EOS looks to pounce
Bitcoin [BTC/USD] Technical Analysis: Bears take back the bull’s kingdom
Ethereum [ETH/USD] Technical Analysis: Coin continues to linger in bear’s realm
Bitcoin [BTC]: A piggybacking Proof-of-Proof blockchain has almost 20% of Bitcoin’s daily transactions
Ripple’s xRapid customer SendFriend will go live by Q1 in 2019, says CEO David Lighton
Venezuelan government decrees crypto operators to pay taxes in cryptocurrency
Bitcoin SV [BSV] emerges as top gainer with 11% growth; Tron [TRX] continues massive fall
XRP reaches Australia as FlashFX adopts Ripple’s cryptocurrency
Cryptocurrency trading platforms will be inspected by Bulgarian National Revenue Agency
Stolen Ethereum-based tokens transferred to Binance and other top exchanges
- Press Release
LIQNET – liquidity focused cryptocurrency exchange
Bitcoin [BTC] block halving is 66% complete; next block halving in 495 days