Nexo, the popular crypto lending institution, once again pleases its customers by lowering the minimum borrowing amount to just $10. The platform never fails to surprise its customers with huge benefits; the recent launch of “Earn on Crypto,” and Nexo’s third round of dividend distribution are proof of that.
The newly launched “Earn on Crypto” platform enables users to earn at least 5% interest on any of the preferred cryptocurrencies and up to 10% on stable coins. When most of the top listed companies failed to issue dividends, Nexo announced its third round of Dividend distribution, amounting to $6,127,981.39 to the eligible NEXO Token Holders.
As per the recent announcement made on behalf of Nexo, the crypto lending platform has lowered the minimum amount of its signature “Instant Credit Crypto Lines” to just $10, which the company claims to be the lowest credit minimum in the entire blockchain industry. By lowering the threshold of the borrowing rate, Nexo is offering its customers the lowest APR (Annual Percentage Rates) in the entire blockchain ecosystem.
At present, the APR on Nexo’s Instant Credit Lines start at a minimum of 5.9% and requires no minimum repayments or credit checks and also does not have any hidden fees. This brings immense benefits to the clients in terms of easy borrowing of their preferred crypto assets amongst a list of 40+ fiat currencies spread across 200 jurisdictions all over the world.
The minimum borrowing amount will enable the users to easily access top banking services and work towards accomplishing their objectives. Nexo has been successful in accomplishing its targets that stirred their vision to lower the minimum borrowing amount to just $10 for stable coins. It was against their own expectations of lowering the amount to $100, which is a great milestone in the success history of Nexo that will push them towards expanding their network globally.
The high thresholds for credits existing in the traditional finance sectors have always caused troubles to underbanked people, which will soon be solved now. The low borrowing rates offered by Nexo is focussed on overcoming the limitations faced by these underbanked people who are refused any monetary help from financial institutions. Lowering the borrowing rates will thereby democratize the finance sectors that has always been a long-term goal of Nexo ever since its inception in 2018.
Also, the new borrowing rate will enable Nexo to conduct its business without any origination fees or liquidation fees that most other crypto lending platforms charge. However, the reduction of the borrowing rates for Stable coins at the Nexo platform will not affect the interest rate at the “Earn Interest “scheme at Nexo, which will continue to remain at 8%. It means that the clients can still continue to reap the benefits form the high-yield interest rates on their idle assets.
These improved borrowing and interest rates will enable a broader audience to come under the periphery of Nexo and benefit from a wide range of products offered by Nexo, which are all fully automated. The products provide incredibly intuitive user experience by catering to the financial needs of a considerable customer base that has reached beyond 300,000 globally.