THELOGICALINDIAN - Nexo is the aboriginal crypto lender to acquaint a acclaim account backed by NFTs
Nexo has launched a lending artefact that uses CryptoPunks and Bored Apes as the basal collateral.
Crypto Lender Will Accept High-Value NFTs
Nexo has become the aboriginal adapted crypto lending belvedere to action an NFT lending facility. The close apparent a new account alleged “NFT Lending Desk” in affiliation with adventure basic close Three Arrows Capital.
With the launch, Nexo will acquiesce its OTC audience to booty loans by putting their non-fungible tokens up as collateral. Nexo’s NFT Lending Desk currently accepts top NFT collections–Bored Ape Yacht Club and CryptoPunks, with added to be added in the future.
In a columnist release, Nexo said audience can borrow stablecoins, ETH, and added crypto assets application the accurate NFTs. As a centralized crypto lending platform, Nexo claims to accept candy added than $50 billion from millions of users globally.
Nexo co-founder and managing accomplice Antoni Trenchev said its affiliation with Three Arrows Capital on its NFT lending account “is a absolute move appear accouterment banking instruments & Web 3.0-native MetaFi.” Speaking added about the NFT-backed lending, Trenchev added:
“As we abide to ascertain the abounding ambit of this asset class, casework like Nexo’s lending will be in aerial appeal to alleviate NFTs’ basal amount while acceptance users to absorb ownership.”
Meanwhile, Three Arrows Capital will accommodate its ability on hedging, valuation, and creating defalcation mechanisms for the NFT Lending Desk. Commenting on the Nexo partnership, Three Arrows administrator Kyle Davies said:
“We are blessed to accomplice with Nexo and authenticate our acceptance of NFTs’ affiance as a banking instrument–one that requires appropriate, high-quality banking accoutrement to be absolutely leveraged.”
The barrage comes at a time in which the NFT bazaar has exploded afterwards accumulation media absorption and celebrity interest. The advertising about blockchain-based basic lands, additionally alleged “metaverse” has added revved the NFT niche.
Disclosure: At the time of writing, the columnist of this allotment endemic ETH and added cryptocurrencies.
