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Nexo Launches NFT-Backed Lending Provider

Nexo Launches NFT-Backed Lending Provider

Nexo is the most important crypto lender to introduce a credit carrier backed by NFTs.

Key Takeaways

  • Nexo has unveiled an “NFT Lending Desk” in partnership with Three Arrows Capital.
  • Nexo’s NFT Lending Desk accepts high NFTs as collateral, including Bored Apes and CryptoPunks.
  • Three Arrows Capital will be providing skills on hedging, valuation, and liquidation for the carrier.

Nexo has launched a lending product that uses CryptoPunks and Bored Apes as the underlying collateral.

Crypto Lender Will Gather High-Price NFTs

Nexo has turn into the most important regulated crypto lending platform to present an NFT lending facility. The agency unveiled a original carrier called “NFT Lending Desk” in partnership with mission capital agency Three Arrows Capital.

With the launch, Nexo will allow its OTC potentialities to bewitch loans by putting their non-fungible tokens up as collateral. Nexo’s NFT Lending Desk within the meanwhile accepts high NFT collections–Bored Ape Yacht Club and CryptoPunks, with extra to be added in due direction.

In an announcement, Nexo said potentialities can borrow stablecoins, ETH, and diversified crypto assets the utilization of the supported NFTs. As a centralized crypto lending platform, Nexo claims to have confidence processed extra than $50 billion from hundreds and hundreds of customers globally.

Nexo co-founder and managing companion Antoni Trenchev said its partnership with Three Arrows Capital on its NFT lending carrier “is a definitive transfer in opposition to providing financial devices & Net 3.0-native MetaFi.” Talking further relating to the NFT-backed lending, Trenchev added:

“As we proceed to sight the fleshy scope of this asset class, companies and products love Nexo’s lending will be in high place a query to to free up NFTs’ underlying value whereas allowing customers to relieve ownership.”

Meanwhile, Three Arrows Capital will present its skills on hedging, valuation, and rising liquidation mechanisms for the NFT Lending Desk. Commenting on the Nexo partnership, Three Arrows director Kyle Davies said:

“We are elated to companion with Nexo and label our recognition of NFTs’ promise as a financial instrument–one who requires appropriate, fine quality financial instruments to be entirely leveraged.”

The launch comes at a time in which the NFT market has exploded after garnering media attention and film smartly-known person hobby. The hype round blockchain-basically based digital lands, is also called “metaverse” has further revved the NFT niche.

Disclosure: On the time of writing, the author of this part owned ETH and diversified cryptocurrencies.

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