Cryptocurrency loans service Nexo has confirmed it is adding support for bitcoin cash (BCH). The Switzerland-based lending platform offers crypto-fiat loans from upwards of $1,000, with no credit checks required as collateral. BCH holders will be able to stake their cryptocurrency as collateral and obtain instant funding in more than 40 fiat currencies.
Also read: Japanese Regulator to Host Regular Global Cryptocurrency Roundtable
BCH Becomes Nexo’s Sixth Cryptocurrency
Nexo’s cryptocurrency assets are secured by custodial partner Bitgo, which just closed a Series B funding round from investors including Goldman Sachs. Bitgo has attracted a number of institutional clients to its service, as well as cryptocurrency companies such as Kraken and Pantera Capital. Once cryptocurrencies have been placed as collateral with Nexo, customers can obtain instant loans, and will also be entitled to additional credit should the value of their cryptocurrencies appreciate. Nexo boasts of having issued more than $1 billion of cryptocurrency loans to date.
Crypto-Fiat Loans Are On the Rise
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Nexo’s decision to add bitcoin cash and litecoin appears to have been swayed, in part, by a community vote that indicated strong desire for the coins. The lending platform is currently finalizing BCH wallet integration before its bitcoin cash lending service goes live in a few weeks’ time. Borrowers can obtain credit from 8 percent APR with no minimum loan repayments. Nexo has also completed integration with Coinmarketcap, enabling visitors to the market data site to start the process by clicking the “Get Loan” button alongside cryptocurrencies such as BCH and BTC.
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Images courtesy of Shutterstock and Nexo.
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