Nexo Now Exploring xRapid after Supporting XRP as Collateral for Crypto-backed Loans

By Abhinav Agarwal
Published November 15, 2018 Updated November 15, 2018
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Nexo Now Exploring xRapid after Supporting XRP as Collateral for Crypto-backed Loans

By Abhinav Agarwal
Published November 15, 2018 Updated November 15, 2018

After supporting XRP as collateral for crypto-backed loans, Nexo, the world’s first instant crypto-backed loans provider is exploring xRapid. Recently, Ripple partner TransferGo also admitted looking into xRapid.

Instant crypto-backed loans provider Nexo Looking into xRapid

Nexo, a new platform that offers the world’s first instant crypto-backed loans is exploring another of Ripple’s products called xRapid.

It was revealed when XRP enthusiast, EDadoun asked Antoni Trenchev, co-founder and managing partner at Nexo, “It’s really exciting to see the work and support that you guys are showing towards $XRP. Does @NexoFinance have any intention of adopting $XRP usage, either directly or via @Ripple products, beyond its current loan/collateral functionality?”

As Trenchev asked further clarification, “Can you clarify exactly what you mean by XRP usage via Ripple products?” EDadoun specified in part, “I’m referring to an XRapid or XVia integration.”

To this Trenchev replied, “We have been talking to Ethan about Xrapid, will keep you posted.”

Tweet in relevance is this,

So, exploration and talks are definitely going on and we can expect Nexo getting involved in xRaid in the future as well.

According to its website, “xRapid uniquely uses a digital asset, XRP, to offer on-demand liquidity, which dramatically lowers costs while enabling real-time payments in emerging markets. Built for enterprise use, XRP offers banks and payment providers a highly efficient, scalable, reliable liquidity option to service cross-border payments.”

Recently, TransferGo replied on Twitter that it is looking into xRapid that already is in partnership with Ripple to provide its customers real-time money transfers.

With the objective, “Don’t sell your crypto. Don’t lose the upside potential. Keep it and get an Instant Loan from Nexo,” the crypto backed loan platform supported XRP for the same just at the end of last month.

The official announcement he shared at that time read,

 

“XRP is the third largest cryptocurrency and is one of the fastest and most scalable digital assets, aiming to enable real-time global payments anywhere in the world.

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 platform already provides its services in more than 40 fiat currencies and over 200 jurisdictions. As for the security, it has partnered up with “SEC-approved custodian and Goldman Sachs-backed custodian,” BitGo that means clients can avail loans of up to $2 million per individual account.

At the time of writing, XRP has been trading at $0.50 with 24-hours loss of 4.39 percent. The $20 billion cryptocurrencies is constantly adding clients and exchanges to its name.  

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Abhinav Agarwal
141 Articles
A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com

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