Credissimo supported crypto lending platform, Nexo says it’s integrating Ripple’s xRapid, which uses XRP protocol to lower the cost and boost the speed of cross-border payments. This was announced by the co-founder and managing partner of Nexo, Antoni Trenchev.
Nexo calls itself a “decentralized lending ecosystem that facilitates open access to credit anywhere and anytime.” And it is also backed by TechCrunch founder Michael Arrington and It uses a long list of banking and exchange partners to deliver loans.
Nexo follows TransferGo which also revealed this week its interest in xRapid. Nexo recently added XRP to its platform, becoming one of the first lenders to use XRP as collateral.
Nexo, in a tweet from its official handle states that:
“XRP-backed loans are now available on the Nexo platform, making us the first and only crypto lender to onboard #XRP as collateral. Get instant access to cash while keeping the upside potential of your XRP!”
Apart from XRP, Nexo offers more than 20 coins as collateral, which include Ethereum, EOS, IOTA, Bitcoin, Litecoin, Dash, Bitcoin Cash, Cardano, Monero, VeChain and Stellar.
Upon stating its intention of integrating xRapid in the future, ‘Nexo’ received more than $2,000,000 in XRP crypto-backed loans requests within 24 hours.
The Switzerland-based Nexo which gives immediate cryptocurrency-backed loans to people, stated that it now accepts XRP as a collateral option for its almost immediate digital currency loans.
As the cryptocurrency technology becomes widely accepted, blockchain-supported loans are becoming more popular, and are now seen as the future of short-term loans for margin trading or personal use.