Nexo users can now borrow against the stablecoin with a 95% Loan-to-Value (LTV) ratio.
Crypto-backed loan platform Nexo (NEXO) recently announced that TrueUSD (TUSD), a dollar-pegged stablecoin, has selected the project as its official lending partner.
TrueUSD selects Nexo as its official lending partner. As a result of our strategic partnership with @TrustToken, TrueUSD has become the latest collateral option (with a 95% loan-to-value ratio) and repayment method for our instant crypto loans.https://t.co/jm1LohpRMJ
— Nexo (@NexoFinance) December 12, 2018
According to the announcement, TrueUSD is now available as a collateral and repayment option for Nexo’s instant crypto loans. Investors can borrow against TUSD with a 95% Loan-to-Value (LTV) ratio, in addition to funding existing loans.
This news comes just weeks after Nexo announced that it plans to offer a 6.5% interest rate for investors who store stablecoins on the platform. The current list includes TrueUSD, USDCoin (USDC), Gemini Dollar (GUSD), Paxos Standard Token (PAX) and Maker’s Dai (DAI).
NEXO is currently down 5.2% over the last 24 hours to $0.063545, giving the token a $35.59 million market cap and making it the 79th largest cryptocurrency.