Nexo to the rescue.

Got crypto? No fiat?

Nexo has been a real lifesaver during this crypto winter.

It has been a really tough several months for local and global crypto newbies, long term HODLers, miners and traders alike.

Sometimes, you really do not want to let go of your crypto funds but you suddenly find yourself urgently in need of US Dollars or Malaysian Ringgit.

This is where Nexo comes in.

Nexo offers instant crypto backed loans by setting up an account and depositing your crypto funds as collateral for the loan. P/S: No traditional bank would do this!

The minimum loan you can withdraw is US$500 and you can select the funds to be transferred to most major bank accounts Maybank, CIMB, Public Bank, RHB, UOB etc.

 

Receive the loan in any currency you want. (min USD500)

To any bank account you prefer.

 

The service is fast and easy.

According to their service terms, it would take 3-5 working days to receive your funds but we tested the service and were pleased that it sometimes can arrive earlier (about 2 working days for us).

The crypto that they accept as collateral naturally includes only the main ones with highest liquidity and trading volumes in the world such as Bitcoin, Ether, XRP, Binance Coin (interesting), Litecoin and their native coin the NEXO token.

Buying some NEXO tokens also offers you some benefits e.g Interest on the loan is 16% p.a but only for the days you borrow; and halved to 8% if the load is paid back using NEXO.

 

The size of cash loan you can get is determined by the Nexo Oracle algorithm, which takes into account the current and historical volatility and market liquidity of the asset you deposited.

The TLDR version – you can get about 50% of the Bitcoin value you deposited.

So, if you deposit say USD100K worth of BTC, you can get about USD50K cash loan.

As for your deposited funds, your assets are secured and insured up to $100M by audited custodian BitGo.

Go ahead HODLers. Visit https://nexo.io and give it a try today.

 

From the NEXO FAQ: What is Loan-to-Value (LTV) Ratio?
A Loan-to-Value (LTV) ratio is an indicator representing the size of a loan compared to the value of the assets securing the loan. The Loan-to-Value percentages of each asset are dynamically determined by the Nexo Oracle algorithms, depending on the current and historical volatility and market liquidity of the asset. You can assume it is ~50% for BTC

 

A video about Nexo: Antoni Trenchev, Nexo co-founder and managing partner, discusses the fraud allegations roiling the cryptocurrency market with Bloomberg’s Romaine Bostick and Caroline Hyde on “Bloomberg Markets: What’d You Miss?” (Source: Bloomberg)

 

About BitcoinMalaysia

BitcoinMalaysia has been building the local cryptocommunity since 2012. Started small, BitcoinMalaysia has grown organically through countless of informal and casual meetups to become the largest cryptocommunity in the country. This year, our mission is to help provide a safe and friendly space so that more people can learn, adopt and be inspired to innovate in this space. Join our growing community of 50,000+ people on Facebook today.

 

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