Nexo Lowers Its Crypto Loan Interest Rate to 5.9% APR

via QuoteInspector.com
Voyager
Voyager

Nexo (NEXO), a cryptocurrency-backed loan platform, announced this week that it has cut the APR on its instant crypto credit line to 5.9% APR.

According to the announcement, Nexo was able to cut its APR by leveraging its network of financial partners to secure access to long-term, cost-efficient financing. By lowering the interest rate, Nexo hopes to grow its lending volume and market share, which, in turn, will increase the dividend payouts to NEXO holders.

“Nexo always strives to further improve rates for its user base, currently surpassing 300,000 people worldwide, and offering credit lines with a minimum amount of $500 and up to $2 million, is one of the many milestones along the road to make decentralized financial services even more inclusive,” stated the Nexo team in the announcement.

This news comes several days after NEXO began trading on Binance DEX. Nexo had previously become the first crypto lender to start accepting BNB as collateral.

More: Nexo Cuts Borrowing Rates to 5.9% APR After Securing Cost-Efficient Institutional Financing
Similar: Celsius Network Offers up to 12% APR on USDC, TUSD, USDT and Other Stablecoins

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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