CRYPTO NEWS

After a general slowdown, the global economy has now suffered a secondary blow due to the worldwide coronavirus pandemic which forced a lot of businesses to temporarily suspend operations or stick to minimum capacities. As more people fall sick and cities go on lockdown, the working capital available for individuals or companies to function has decreased significantly and as the world starts returning to normalcy, there will be a huge need for liquidity. While the current situation is causing unfortunate, adverse effects on thousands of households and enterprises, there are also many investors and corporations that are unlikely to go bankrupt in the coming days as many will have substantial assets and investments to keep themselves afloat. Even so, managing cash flow for day to day operations can turn out to be a challenge, one which platforms like Nexo are excellently equipped to assist clients in overcoming. Nexo is a well-known blockchain company that issues Instant Crypto Credit Lines using digital assets as collateral. Nexo’s Instant Crypto Credit Lines: Fiat Credit Backed by Crypto to Help You Meet Your Funding Needs Nexo offers fully-automated instant flexible credit lines, issued against collateralized digital assets. It is one of few platforms with completely insured accounts that allow customers to borrow in various fiat currencies while earning daily compounding interest on idle assets. In fact, in the past few months, Nexo further strengthened its offering by opening its gold-backed credit lines (PAXG Instant Crypt​o Credit Lines)​ to its full range of clients. The company has continuously shown its support for tokenized gold by purchasing $5 million worth of PAXG,  the premium institutional-grade gold-backed tokens from the Paxos Trust Company. PAXG-backed Crypto Credit Lines come with an added benefit for those who invest in gold by allowing users to borrow against their gold and other assets when in need of cash, without having to sell their investments. The entire process is underpinned by blockchain technology thus ensuring the full transparency and reliability of all of Nexo’s services. Some further advantages of the Nexo platform include an industry-leading borrowing rate that starts from just 5.9% APR along with high levels of flexibility allowing users to withdraw sums ranging anywhere between $500 to $2 million with bigger amounts available on request and no fees whatsoever.  All custodial assets are insured for $100 million dollars through Lloyd’s of London and held in cold storage in bank-grade Class III vaults through leading audited crypto custodian BitGo. Currently, the platform offers credit lines in more than 40 different fiat currencies across over 200 jurisdictions. While the NYDFS regulated PAXG tokens make it easy for anyone to acquire, pledge and trade gold digitally, with Nexo’s PAXG-backed credit lines offer a wider range of options for users more inclined towards investing in traditional safe-haven assets like gold, including providing them with instant liquidity while at the same time allowing them to retain ownership of their gold. The Value of Nexo’s Services in the Upcoming Months: Making the Most out of Bitcoin Halving The upcoming ​halving event​ on the Bitcoin network has increased the expectations of the entire blockchain community, as the event may drive the flagship cryptocurrency’s value to new highs. In such a crucial time, those HODLing Bitcoin would rather prefer to keep the digital currency instead of selling it to meet their capital requirements. In such circumstances, Nexo offers the best alternative where the HODLers don’t have to lose ownership of their assets and yet have access to the much-needed liquidity: the Instant Crypto Credit Lines. By opting for a credit line against their crypto, crypto-investors can use the value of their Bitcoin without having to sell it leaving them free to invest in further assets and benefit from the upside potential of their current holdings. Image by Aravind kumar from Pixabay

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