Cryptocurrency Lending Platform Nexo Slashes Rates On Spot Loans
Cryptocurrency based lender Nexo has slashed its interest rates on spot credits after receiving long-term funding at low cost. The spot lending platform asserts that they offer crypto loans at the lowest interest rates.
Currently, the lowest interest rate charged by Nexo for spot loans is 5.9%, without any nominal repayment requirements and credit checks. The funds are also offered in over 200 jurisdictions.
Nexo facilitates cryptocurrency holders to receive credit against a bouquet of cryptocurrencies such as Bitcoin (BTC), Ripple (XRP), Ether (ETH), Litecoin (LTC) and few more, without relinquishing ownership of the cryptocurrencies.
Back in August, the lending platform revealed that it rewarded its token holders a sum of $2,409,574.87 in the form of dividends, reflecting an annualized dividend yield of 12.73%.
With a client base of more than 250,000, Nexo’s dividend yield is supposedly greater than all the dividend paying stock that make up the S&P 500 market index.
Again in August, Nexo rolled out a Mastercard-branded crypto credit card, which is asserted to be the first card across the world allowing users to shop for the prevailing valud of the crypto without actually selling it.
Nexo’s competitor Celsius Network, a crypto lending and borrowing platform, received $300 million in deposits in less than one year and finished more than $2 billion in coin loan origination.
Overall, Celsius finished more than 160,000 coin loan trades and disbursed more than $3 million in interest payments. Celsius asserted that it had turned out to be the quickest-growing lending platform across the globe.