Recently this week, Nexo through its official blog announced that Ripple [XRP] is now a collateral option for Nexo’s instant crypto loans. Nexo offers the market the world’s fastest Crypto-backed loans.
It was the demand of the market to list XRP in the collateral option of Nexo. XRP is currently ranked 3rd in the world crypto market just after ETH. Along with a current price of $0.4537. And the current market cap is noted at $18.86 billion, along with 0.25% growth at the time of writing.
It aims at achieving the real-time global payments anywhere in the world.
After this announcement, Nexo has become the first lender to accept XRP as collateral for crypto loans. It has proved that Nexo is pushing the boundaries in the crypto-lending sphere.
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! #HODL #Ripple pic.twitter.com/YmYWSvW5Ov
— Nexo (@NexoFinance) October 17, 2018
With this announcement, the XRP holders will now be able to borrow against their assets instead of selling it when in need of instant cash. It has successfully reduced the selling pressure eventually. This helps the XRP holding to be quite simple and straightforward.
Nexo is trying to strengthen its market position by working for ease of fluidity of money. In its official news, Nexo also promised to introduce more collaterals by saying:
We have taken it upon us to provide even more collateral options for Nexo’s ever-growing customer base with Litecoin (LTC) and Bitcoin Cash (\[BCH] being the most imminent additions, as indicated by the community poll.
The Nexo company hence plans to expand its collateral option’s list with more cryptocurrencies.