Nexo Partners with CENTRE for Loans in USDC Stablecoin
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Executive Summary
- Nexo has formed a partnership with stablecoin network CENTRE.
- As a result, the stablecoin USD//Coin (USDC) will soon be added as an option in which clients can receive their Nexo loans.
- CENTRE is a consortium founded by Circle Internet Financial Ltd. in part owned by leading investment bank Goldman Sachs.
Nexo, the world’s most advanced instant crypto loans provider, is proud to announce that it has entered into a partnership with CENTRE. A subsidiary of Circle Internet Financial Ltd., which is partly-owned by the leading global investment bank Goldman Sachs.
Centre is a global organization that seeks to establish a governed network powered by price-stable crypto assets. Its initial function has been to oversee the introduction of USD//Coin (USDC) — a financially transparent stablecoin backed by the US Dollar.
As part of the newly forged partnership, Nexo will soon deliver its crypto loans in USDC. This is another milestone on the ever-expanding list of currently 40+ fiat and stablecoin options, which have secured Nexo’s dominance in the crypto lending space in 200+ jurisdictions.
CENTRE will act as a regulator for USDC issuers, ensuring that they possess state licenses to handle digital assets and meet anti-money laundering (AML) standards in an effort to attract even more institutional support for the broader blockchain space. This comes in just a few months after Circle acquired cryptocurrency exchange Poloniex. The USDC is now gaining traction with clients across cryptocurrency exchanges.
But what exactly is USD//Coin (USDC)?
USDC is an ERC-20 token that is fully redeemable in US dollars in a 1:1 ratio. It is issued by regulated and licensed financial institutions that maintain full reserves of the equivalent fiat currency. The issuers determine the stablecoin’s total supply and require permission to mint new tokens.
By adding USDC to the Nexo Platform, clients will have yet another option to unlock the value of their crypto wealth. Instant loans will soon be provided in USDC along with 40+ more fiat currencies and stablecoins.
About Nexo
Nexo provides the most advanced crypto backed lending platform, helping investors enjoy the immediate spending power of their assets instead of selling them, thus protecting the upside potential. Having launched a live product on April 30, 2018, Nexo has serviced thousands of clients with tens of millions of dollars in loans across 200+ jurisdictions and in over 40 fiat currencies and stablecoins.
For more information, please visit: www.nexo.io
About CENTRE
Circle is backed by $140 million in venture capital from investors including Goldman Sachs, IDG Capital Partners, Breyer Capital, Accel Partners, General Catalyst Partners, Baidu, CICC Alpha, EverBright, WangXiang and CreditEase. CENTRE is a protocol for digital wallet interoperability across currencies and borders, across diverse software implementations, and across multiple blockchains, ledgers, and settlement rails. The connected network of CENTRE nodes are operated by participants such as wallet providers, service providers and financial institutions.
For more information, please visit: www.centre.io
