A Several weeks ago, Nexo which is known as FinTech group released a great announcement. In this announcement, it was stated that the Binance Coin (BNB) will consider a first cryptocurrency that will be accepted as collateral for the cryptocurrency loans.
During this announcement, Nexo promised their customer that they will expand their list of accepted cryptocurrencies and it delivered finally by accepting the Cardano (ADA).
BNB Can Be Collateral As Per Nexo Decision:
Nexo is a powerful and a well-known group of Credissimo-powered FinTech who is now helping the cryptocurrency to make a new step towards the adoption of the mainstream. It is no doubt and even there is no secret about it that the cryptocurrencies work a bit slowly but they all make their own way to get fir in any branch of the business, but the but the acceptance of cryptos as collaterals has been avoided by most of the people or pretty much everyone. That is until a few weeks before when Nexo stepped in.
During the token sale of Nexo, first, they hinted at its interest in the in Binance back, when the company said that they are a lot in common with the Binance, Including the same customers. Nexo was making a plan to use the BNB Coin for the purpose of taking loans of crypto backed even then, it looks like.
Nexo has seen a great power in the Binance Coin since it was integrated it into its plan for loans.
It is not too much surprising that Binance is managed to take the attention of Nexo. The coin was demonstrated that it is a secure and safe for the investment. At this time when the prices of cryptocurrencies demonstrated up and fall almost in each hour, the Binance reached the stability.
Obviously, it is not totally stable infect it is considering that the price of crypto will still keep up and down as well between $7.00 to $17.00, with the current price of is being still at $13.93, It is stable as the cryptocurrency can get in the current market trends.
Nexo has an opportunity to allow the traders to instantly access the coins with the Binance Coin at its side without any additional charges or fee.
Not only this process infects the loan is also free from any kind of fee.
Nexo promised that they will work to add more currencies as accepted collaterals and finally it is delivered.
Nexo Wants To Add Cardano (ADA):
Cardano (ADA) is also relatively a new form of cryptocurrency and much known in the world of cryptos. It was designed as a decentralized, public and open source digital currency.
Infect, behind the design of ADA there was a very idea to support the progress and development in globally, which is exactly what it will be used for by the Nexo.
The first announcement about the joining of Binance Coin as collateral came from the Nexo’sTeodora Atanassova. Atanassova who was tweeted that the Nexo will be going to start their work to accept the Cardano as collateral, and it uses will be similar to the BNB.