Nexo Announces 6.5% Interest for Holding Major Stablecoins

Voyager
Voyager

Nexo (NEXO), a cryptocurrency-backed loan platform, announced Monday that it will soon offer 6.5% interest on major stablecoins stored on their platform.

According to the brief announcement, TrueUSD (TUSD), Circle‚Äôs USDCoin (USDC), Gemini Dollar (GUSD), Paxos Standard Token (PAX) and Maker’s¬†Dai¬†(DAI) will qualify for 6.5% when stored on the Nexo platform.

This news comes just a week after Nexo added Ripple’s XRP as its fifth collateral option.

Nexo also accepts BTC, ETH, NEXO and BNB as collateral for instant loans up to 25% of their holdings. The current APR is 16% for crypto-backed loans, but that rate is cut in half for users that put up NEXO as collateral.

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The project, which currently holds a $101.5 million market cap, is also gearing up for its first dividend payment on December 15, where it will distribute 30% of the platform’s profits to NEXO holders.

More: Nexo Partners with CENTRE for Loans in USDC Stablecoin

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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