Binance (BNB) Teams Up With Nexo (NEXO) To Kill Traditional Bank Loan
Nexo (NEXO) has made known it has teamed up with Binance (BNB) to disrupt the traditional bank loan system with its newest invention.
At the moment, Nexo now accepts Binance coin as collateral for minimum instant loans of $1,000, creating joy in the hearts of BNB lovers.
Nexo Twitted: “Nexo https://nexo.io now accepts @Binance Coin (BNB) as collateral for instant loans in addition to BTC, ETH & NEXO, a great utility feature for BNB, as holders can stake their coins & get an instant loan in USD, EUR & Tether. Min loan is $1,000 and max is $2M @cz_binance.”
Talking about the integration, Changpeng Zhao, Founder of Binance, said this is “a good example for integrating $BNB in your ecosystem. Many thanks!”
Nexo is an initiative of Credissimo, a firm that has over 10 years experience providing instant loans to millions of people across Europe.
The firm has been identifying and successfully solving inefficiencies on lending markets by creating innovative and convenient financing solutions. Nexo offers instant tax-efficient, trouble-free loan up to $2M per client.
Through its decision to leverage blockchain technology to solve the lack of financing for the new digital economy, Credissimo invented Nexo. At the moment, Credissimo has granted $120 million loans and collected $155 million cash.
Recently, Nexo announced it has integrated the Bancor Protocol to provide continuous liquidity for the trading of NEXO Tokens.
According to Nexo, “The Bancor Protocol utilizes a “connector” method which links tokens together using a formulaic price calculation mechanism, without the need of matching buyers and sellers.”
Through the idea, Nexo created a “relay token” that gives room for NEXO Token to be converted into any other token in the Bancor Network at a formulaically calculated price.
On the development, Nexo managing partner Georgi Shulev said: “Boosting liquidity is of the utmost importance for the NEXO token.”
“Adopting the Bancor Protocol accomplishes precisely that and will be welcomed by our clients who need the NEXO Token to lower the interest rates on their loans.”