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Nexo lending to offer crypto-backed loans with Blockport exchange

Tony Zerucha

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Blockport users will be able to use the Nexo platform to get crypto loans, offering them another alternative to selling their cryptocurrencies for fiat currencies. Instead of selling they cryptocurrency assets, Blockport users can now keep their crypto, with all potential upsides, and leverage them to get instant access to cash.

Nexo services more than 40 currencies across more than 200 jurisdictions. Nexo has provided tens of million of dollars worth of loans..

The platform is powered by Credissimo, a leading fintech group that has been serving millions of customers across Europe for the past decade. Owing to their team’s more than 10 years of experience in online loan automation, Nexo is now officially the only crypto platform to provide fully automated loans on a global scale, the company said in a release.

Blockport and Nexo: Visions aligned

With this in mind, the Blockport and Nexo partnership is built around the vision of complementary solutions being offered directly on both platforms.

How does Nexo work?

As explained in the Nexo Platform Demo video, the process of receiving a loan starts with customers transferring their crypto assets to a Nexo wallet. Once the wallet is funded, the Nexo Oracle automatically calculates the customer’s available credit limit based on the market value of their holdings.

At this point, the loan is instantly made available to the customer, allowing users to withdraw cash directly to a bank account. Soon clients will also be able to spend directly with the Nexo Credit Card. This way investors get access to liquidity without any hidden fees or additional hurdles. Nexo also doesn’t perform credit checks, as the loans are fully secured by the value of the customer’s Nexo Wallet holdings.

When it’s time to repay the loan, customers can repay it in fiat currencies via a bank transfer or with their crypto assets.

Users can receive a 50 percent discount on the interest rate if they repay their loan interest with NEXO tokens or if they use NEXO tokens as collateral for their loan.

What does this mean for Blockport users?

As of today, the Nexo widget will be visible in the Blockport platform, allowing users to withdraw loans through the Nexo platform.  

As the partnership matures, the companies will solidify the collaboration by integrating their API into the platform – empowering users to withdraw loans directly through their Blockport dashboard.  

Looking ahead, the potential exists for Nexo to integrate the Blockport Token (BPT) into their ecosystem – accepting it as a collateral asset when issuing loans. This would enable BPT holders to temporarily access cash without needing to sell their BPT holdings on the market.

The potential also exists for Blockport to be integrated into the Nexo platform. A prerequisite for this is our internal matching engine and open API.

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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