In 24 Hours Nexo Sees Over $2Million In XRP Crypto-Backed Loans Requests, Considers xRapid

Credissimo supported crypto lending platform ‘Nexo’ received more than $2,000,000 in XRP crypto-backed loans requests within 24 hours, stating that it is considering the integration of  xRapid in the future.

The Switzerland-based Nexo that gives immediate cryptocurrency-backed loans to people, stated that it now accepts XRP as a collateral option for its almost immediate digital currency loans.

As cryptocurrency becomes widely accepted, blockchain-supported loans are becoming the order of the day, and are now seen as the future of short term loans for personal use or margin trading.

In this wise, many a number of crypto lovers have lauded the awesome support Nexo is giving to digital currency. The platform is regarded today as the only company to first offer services in over 200 jurisdictions for nothing less than 40 fiat currencies. In the same line, Nexo is the only firm that provides immediate credits without any hindrance.

After receiving more than $2,000,000 in XRP crypto-backed loans requests within 24 hours, the platform cut short pre-sales owing to oversubscription.

With available statistics, the subscription skyrocket by around 11 times, becoming the highest recorded in history.

Speaking on the development, the co-founder of Nexo, Antoni Trenchev stated that “With the aforesaid features coming in handy, Nexo has soared high to be among one of the best crypto services. This trend is attributed to Nexo’s classy platform and the incredible user interface. This is a team that has a successful track record for over 10 years extending over $120 million in credit.”

Plan To Integrate Ripple’s xRapid

Meanwhile, the co-founder of the platform, Antoni has said they are planning to integrate xRapid on the platform soon.

Asked by a respected XRP lover, by the name Ecent, whether Nexo has the intention of integrating Ripple’s XRP through xRapid or xVia, Antoni said “We have been talking to Ethan about xRapid, will keep you posted.”


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Author:  Jack Marshall
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Bitcoin and Ethereum recover but gains are limited

Bitcoin price tested the key USD 6,450 support area and later recovered. BTC/USD moved higher and traded above the USD 6,500 resistance, but gains were limited. Similarly, ethereum price recovered after dropping below the USD 200 support. It could continue to move higher in the short term towards the USD 208 and USD 210 resistances. Ripple performed well as it traded above the USD 0.450 and USD 0.460 resistance levels. Overall, the market sentiment slightly improved, but bitcoin is still trading well below the USD 6,550 and USD 6,600 barriers.

Bitcoin price
There was a downside spike towards the USD 6,450 support in bitcoin price . BTC/USD found a strong buying interest near USD 6,450 and later started an upward move. It traded up by more than USD 50 and broke the USD 6,500 resistance. On the upside, an initial resistance is at USD 6,520, followed by USD 6,550.
On the downside, the price could decline towards the USD 6,480 level if it fails to hold the USD 6,500 support. Any further losses may perhaps push the price back towards the USD 6,450 support area.

Ethereum price
Ethereum price slowly recovered and broke the USD 205 resistance. However, ETH/USD failed to gain momentum above USD 205 and the pair is currently consolidating near USD 204.
On the downside, an initial support is near the USD 202 level, followed by the key USD 200 support. To the topside, the price has to break the USD 208 and USD 210 levels to stage a decent rebound.

Bitcoin cash and ripple price
Bitcoin cash price remained in a range below the USD 450 resistance. BCH/USD seems to be facing a tough barrier around the USD 450 – USD 460 zone. On the downside, the USD 440 level is a decent support, below which the price may drop towards the USD 425 level.
Ripple price gained momentum recently and traded up by around 2.8%. XRP/USD broke the USD 0.450 and USD 0.460 resistance levels to climb back into the positive zone.

Other altcoins market today
A few altcoins gained between 8%-20% today, including MAGO, GVT, DROP, BCD, REP, NEXO, BTG and SC. Out of these, MGO gained around 17% and GVT traded up roughly 15.5%.
Overall, bitcoin price bounced back after testing the USD 6,450 support. However, the price has to surpass the USD 6,550 and USD 6,600 resistance levels to start a solid upward move. Until then, BTC/USD and ETH/USD may well continue to trade in a range. On the flip side, a downside break below USD 6,400 could open the gates for more declines in the near term.


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Author: Aayush Jindal
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Crypto Credit Cards: The Three Cards To Know

Crypto credit cards have been rumored and discussed for as long as the market exists. Bringing a card to consumer markets would be a big sign of crypto’s adoption path. So where are we on crypto credit cards and which are the most promising projects?

What is a crypto credit card?

A crypto credit or debit card is just like any other card that you can use at a PoS or an ATM. The main difference in this situation is that you draw funds from your cryptocurrency wallet and not from a credit line extended to you.

The main benefit of crypto credit cards is the convenience, as they allow anyone to spend their cryptocurrency as they would in the case of typical fiat currency. Another advantage of crypto credit cards is the fact that you don’t need to worry about exchange rates.

Cryptocurrency credit cards could change the way people think about spending virtual and digital currencies.

Some of the biggest names in crypto credit card development are Nexo, TenX, and Monaco.

Nexo

On April 30th, 2018, Nexo launched the world’s first instant crypto-backed loans platform, announced via a blog post. Nexo aims to revolutionize the loan industry by boasting that investors and businesses won’t need to ever choose between accessing cash and holding their cryptocurrencies.

In short, Nexo allows its users to enjoy their own crypto wealth without having to actually sell it.

The platform is designed to be both security-focused and  user-friendly. It provides you with the option of depositing your crypto assets to your secure Nexo wallet and benefit from instant loans via flexible credit lines. The loans are backed up by your own holdings. Thus, no credit card checks and other procedures are required.

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Source: https://nexo.io/

The fiat can be instantly spent directly from the company’s crypto credit card (called Nexo Credit Card). One other benefit of this method is that you have to pay interest only for what you use. There are reportedly no minimum repayments and no hidden fees.

Nexo also has an ace up its sleeve when it comes to repayment options, namely, it allows you to pay loan repayments in fiat or even other cryptocurrencies stored outside Nexo.

The platform is highly accessible (worldwide) and, as long as you have cryptocurrencies, getting a loan is quite easy. Since all loans are collateral-based, having a credit history does not matter.

The company also boasts that it is the first USA-compliant security token under Regulation D Rule 506(c).

Nexo is powered by a so-called “Nexo Oracle system.” According to the official roadmap, Nexo has big plans for the future—with payment cards, mobile, and desktop apps. Going forward, Nexo hopes to increase the maximum loan limits and perform a second airdrop (Q4 2018), to finalize the acquisition of the FDIC-insured Banking Institution, as well as introducing deposit accounts (in Q1 2019).

TenX

TenX is a digital wallet and physical card that, just like Nexo, can be used to spend cryptocurrency anywhere, even in places that don’t accept crypto. The service is quite affordable, as you can order a physical card for about $15. There are annual fees of $10 per card if the spendings don’t go over $1000 in 12 months. The downside is that the service charges a $2.50 fee for every ATM transaction you make.

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Source: https://tenx.tech/en/

The service also incentives its users with a 1% reward for every purchase. TenX can be used in any place where Visa is accepted.

Monaco

Monaco is a similar service built atop of the Ethereum blockchain. The service offers four types of cards, very different amongst each other. There are differnt card ties, depending on your holding of MCO tokens over 6 months: Ruby Steel (50 MCO), Precious Metal (500 MCO), or Obsidian Black (50,000 MCO). The entry-level card is called Midnight Blue, and it doesn’t require you to hold any MCO tokens.

The fees differ depending on the type of card you hold. The monthly limit varies from $200 for the Midnight Blue card to $1,000 for the Obsidian Black card. If  monthly limits are exceeded, then you are charged a 2% ATM fee. The 1% fee applies to all types of cards each time you buy cryptocurrency. It’s a similar situation when it comes to rewards that vary from 1 to 2%. The cards currently support Monaco Tokens, Ethereum, and Bitcoin, and they are available in Asia, Europe, and North America.

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Source: https://mco.crypto.com/en/

The global financial ecosystem has long been transitioning towards a completely digital model. While various challenges have been met (and addressed) along the way, there is still a lot of room for evolution, especially with cryptocurrencies. As cryptocurrencies  become  more popular, so may these credit cards, which are bound to change the way we use crypto to pay for daily services and products.


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Author: UseTheBitcoin
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