Swiss Crypto Loans Service Provider Adds Support for Bitcoin Cash

Oct 24, 2018 at 20:08

Swiss crypto loans service provider, Nexo announced that it is adding support for Bitcoin Cash (BCH) on its lending platform that offers crypto to fiat loans without requiring credit checks as collateral.

The deal will effectively allow BCH holders to stake their cryptocurrency as collateral and obtain instant funding in more than 40 fiat currencies. Likewise, it grant users the ability to lock their cryptocurrencies into the platform rather than sell them when they require access to fiat currency.

Pawned coins can be retrieved when the loan is already paid and as users are also entitled to additional credit should the value of their locked in cryptocurrencies appreciate.

Nexo’s decision to add BCH in its system was attributed to the result of a community poll that showed strong interest for the coin. The lending platform is already finalizing BCH wallet integration before its service becomes completely accessible to be able to lend from $1,000 to $2 million.

At present, other coins that are already supported or being arranged for integration by Nexo include Bitcoin, Ethereum, Nexo, XRP, BNB, Cardano, Dash, EOS, Ethereum Classic, IOTA, KIN, Litecoin, Monero, NEO, OmiseGo, QTum, Stellar, Tron, VeChain and ZCash.

Notably, the company’s services has been very attractive for cryptocurrency miners that are on the hunt for hardware expenses, as well as investors who are seeking more capital to buy more coins so that they can profit without selling existing assets.

To date, Nexo claims that it already issued more than $1 billion worth of crypto loans as its assets are secured by custodial partner Bitgo.

As of this writing, the value of BCH is up by 0.67 percent at $443.9483 a piece and a market cap of $7.7 billion.