The world has gone digital and cryptocurrency is one evidence of this development. Cryptocurrency has become a popular topic for discussion in almost all sectors. The recent bitcoin bull run contributed to this development as well. Now an altcoin is partnering with institutions to gain mass adoption. The money lending sector has actually been digitalized with crypto and the Stellar Lumens coin. The network has reportedly led the charge to ensure that crypto makes its debut in the money lending sector. Stellar achieved this milestone with the help of another instant crypto lending company, Nexo.
Stellar Lumens which is currently, the number 10 largest crypto by market cap, is now the latest collateral option for crypto users. In this case over 200,000+ crypto users. Nexo is doing this to ensure of we all embrace crypto more.
Nexo Revealed its Collaboration With Stellar via a Statement
The company behind the arrangement with Stellar, Nexo, made the news relating to Stellar known via a press release. The firm affirmed that the Stellar token will be teaming up with the league of virtual currency lending assets with its signature Instant Crypto Credit Lines.
Nexo, a company that boasts as the most trusted and advanced instant crypto lending provider, previously added top digital assets like BTC, ETH, XRP, BNB, Nexo and LTC as collateral options. While Stellar is just the latest addition to a long list of crypto. For the Crypto Credit Lines.
Nexo has been in the Game for Longer
Through the most recent development with the network, Nexo will reportedly make Stellar Lumens open to its approximately 200,000 in 200+ jurisdictions. In addition to that, Nexo also offers its customers crypto lending services with no less 45+ fiat currencies. This looks impressive for the Company.
The Blockchain Company, Nexo, reportedly allows its users to retain the ownership of their digital assets while getting regular cash or fiat currency for their loan or credit lines. The company recently declared that the decision to add the Stellar token was birthed by the demands of its community in its ongoing poll.
Nexo Uses Lead Insurance $100 Mill Custodian Assets
Nexo reportedly secures funds on its platform using the $100M custodial crypto assets insurance under a leading insurance company known as Lloyd’s of London. The initiative repeatedly has the backing of BitGo, another leading audited custodian, for safeguarding user funds. Hopefully, this milestone will help to put the price of Stellar back in good shape.
The decision to add the XLM digital asset to its platform as one of many collateral options will reduce the pressure on XLM holders. Particularly or in this case selling pressure when there’s a need for fiat or cash and make them Hodl their tokens for a longer period no matter long the time you want is. Nexo’s managing partner, Antoni Trenchev, made the below remarks on a CNBC interview said:
“Nexo is seeing a high level of unprecedented demand for its initiative. The signature Instant Crypto Credit Lines. This truly attests to our sustained, ever-growing and long-term profitability and dividends for the present and future NEXO Token Holders.”