Nexo, a crypto lender, has announced that it has lowered interest rates on its instant crypto credit lines.
The lowest rates in the blockchain ecosystem
In a press Release Released on October 22, Nexo announced that it was lowering interest rates on its line of credit service after securing profitable long-term financing. The instant lending platform claims it now offers the lowest rates in the ecosystem.
Nexo’s crypto lines of credit reportedly start at 5.9% with no minimum repayment requirements or credit checks and are available in over 200 jurisdictions.
Nexo allows holders of digital assets to borrow against a basket of a range of digital currencies such as Bitcoin (BTC), Ether (ETH), Ripple (XRP), Litecoin (SLD) and others, without losing ownership of their assets.
The lending platform reported in August that it paid its token holders a total of $ 2,409,574.87 in dividends, achieving an annualized dividend yield of 12.73%. With a user base of over 250,000, Nexo’s dividend yield is allegedly higher than any dividend paying stocks listed on the S&P 500 stock index.
During the same month, Nexo launched a Mastercard-branded cryptocurrency credit card, which they claimed to be the first card in the world that allows users to spend the value of their cryptocurrency without actually spending it.
Cointelegraph previously reported that Nexo’s competitor, the Celsius Network cryptocurrency lending and borrowing platform, surpassed $ 300 million in deposits in just 12 months and made over $ 2 billion in coin loans. In total, Celsius has completed over 160,000 coin lending transactions and distributed over $ 3 million in interest payments. Celsius claimed that it has become the fastest growing lending platform in the world.