Crypto Loan Platform Nexo Plans to Add Binance Coin as a Collateral Option
Cryptocurrency-backed loan platform Nexo recently announced that it plans to add Binance Coin (BNB) as a collateral option on July 1. The announcement grabbed the attention of Binance CEO Changpeng Zhao, who appreciated the inclusion of his company’s token.
No association in any way, and only just found out now. But thanks for supporting BNB, a tweet is definitely in order.https://t.co/Bchl7AEcgX
— CZ Binance (@cz_binance) June 14, 2018
According to the announcement, Nexo had taken a poll during its recent token sale to find out which cryptocurrency exchange was the preferred destination for trading among the Nexo investors. Binance took the top spot, which sparked Nexo’s initiative to add Binance Coin to its early list of loan collateral options.
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.
Important to note is the fact that there is currently no association between Binance and Nexo, but it is evident that Binance is appreciative of the gesture. There is no indication at this time whether Nexo is pursuing a listing on the Binance exchange.
Nexo is currently accepting applications from other cryptocurrency projects for inclusion on its platform, noting that more than 26 companies have already submitted.
More On Nexo
Created by Credissmo, a leading European fintech group with 10 years of experience, Nexo enables crypto investors to leverage the value of their digital assets without needing to liquidate holdings. Nexo is the first blockchain project to enable zero-fee, instant cryptocurrency-backed loans, while its token is the world’s first SEC-compliant dividend-paying asset-backed security tokens with utility features. (more)