Nexo to Accept Binance Coin (BNB) as Collateral for Instant Crypto-backed Loans
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Starting July 1, 2018, Binance’s own BNB coin will be accepted on the Nexo platform as collateral for instant crypto-backed loans, a move highly appreciated by Binance CEO CZ.
A poll during the Nexo token sale indicated that the world’s largest crypto exchange Binance is the preferred destination for crypto investing. In addition, there is a considerable overlap between Binance and Nexo’s customer base. Listening to our community is of great importance to us and going forward we will continue to shape Nexo to that accord. The Nexo Team has therefore decided to add value to both platforms by giving BNB coin holders the ability to access instant cash against their asset while retaining the upside potential of their BNB coins. We are thus giving further utility to Binance’s native cryptocurrency and expanding the variety of collateral options on the Nexo platform ahead of schedule.
The BNB Coin and the NEXO Dividend Token bear similarities in certain perspectives. A look at the historic performance of Binance’s coin shows that it significantly outperforms risk-on assets like Bitcoin and Ether when markets are in correction modes. This quality solidifies its status as a safe haven due to the stability and profitability of the Binance business model, all the while performing exceptionally well in bull runs as well. NEXO Tokens are asset-backed and pay out 30% from the company’s profit as passive income in the form of dividends, and are also regarded as a safe haven by the crypto community. Both Binance and Nexo have strong business cases, teams with over 10 years of experience and expertise in their respective domains. Those have resulted in platforms delivering ultimate user experiences in terms of functionality and efficiency.
Applications to be Accepted on Nexo
Nexo will continue to expand the range of crypto assets that are accepted as collateral for the world’s first instant crypto-backed loans. More than 26 companies have already submitted applications for their tokens to be added on the Nexo platform. And they have significant incentives to do so. Allowing their respective token holders to borrow against their coins rather then disposing of them, lifts the selling pressure off exchanges, provides additional utility to tokens and further ensures real-life application of digital assets, which is something of huge importance to the crypto community as a whole.
