Cryptocurrency lending startup Nexo is officially accepting XRP as a collateral option for the crypto loans borrowed from the firm.
Nexo, which happens to be a darling to many when it comes to instant crypto loans, announced the move through its official blog on Monday this week. While addressing the issue, the firm revealed that the move was arrived at after results from a community poll conducted indicated that most clients proposed the token to be added as an alternative.
Nexo has had a significant reception in the crypto market becoming not only the first crypto lender to accept XRP as an alternative collateral but also the first ever blockchain company to have their services rendered in over two hundred states and in more than forty fiat currencies.
“The reception for Nexo’s crypto loans has been phenomenal. In under six months we have 120,000 people on the platform and have already serviced tens of millions of dollars in 40+ currencies and in the 200 jurisdictions we are currently operating in,” Nexo’s loan Managing Partner Antoni Trenchev said in an interview
The crypto lending giant is still looking forward to covering more ground in the crypto lending space by adding even more assets in its list of collateral options.
“We have taken it upon ourselves 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 firm stated.
Ripple’s XRP boom
Ripple’s XRP over the days has risen to become the third largest crypto after Bitcoin and Ethereum respectively. Ripple has also been preferred occasionally due to its exemplary rating when it comes to speed and scalability. It is currently the world’s fastest and most scalable cryptocurrency with an ambition of making real-time global payment a reality in the near future.
Investor confidence in Ripple has over the days continued to exhibit a positive trajectory with pundits attributing the curve to its high speed and scalability which has posed it as a game- changer in cross-border payment systems worldwide.
According to Nexo, the XRP token is poised to rip big from the endorsement given its utility will yield an extra significance to the already third most capitalized token.
“Nexo continues to push the boundaries within the crypto lending space by becoming the first lender ever to start accepting XRP as collateral for crypto loans, thus providing an incredibly powerful utility feature to the cryptocurrency,” the firm assured.