TrueUSD is now available option with Swiss crypto-backed loan provider Nexo
Through a strategic partnership with TrustToken, TrueUSD is now available as both a collateral and repayment option for Nexo’s instant crypto loans, making the Swiss company an official TrueUSD lending partner.
TrueUSD (TUSD) is a stablecoin that you can redeem 1-for-1 for US dollars. TUSD is the first asset token created on the TrustToken Platform.
Now, Nexo clients can deposit TrueUSD and borrow against it with a 95% Loan-to-Value (LTV) ratio which provides an additional utility feature for the stablecoin. TrueUSD can further be used to fund existing loans, with no price risk for the customer.
The two companies, Nexo and TrustToken — “the company that is restoring confidence in the stablecoins space” — are among the rare-breed of blockchain companies to have delivered working solutions to the real problems that plaguing the crypto community.
As the world’s first instant crypto-back loans provider, Nexo provides instant loans without requiring credit checks or the time delay that manual approval processes require.
Getting a loan, according to Nexo Co-Founder Antoni Trenchev, “is really simple.”
“You sign up on the platform with a few clicks. Then deposit the crypto that you would like to use as collateral. You can choose between BTC, ETH, BNB Coin, XRP and NEXO (10 more collateral options are coming by the end of the year).
“Once the deposit is confirmed on the network you get your instant credit line and can withdraw the desired amount to your bank account. The Nexo credit card is coming very soon and has got a lot of people excited,” Trenchev told STOCheck in an interview.
Backed by TechCrunch founder Michael Arrington, the Swiss company allows its clients to access cash conveniently anywhere around the world via bank transfer, cryptocurrency or the Nexo credit card and to seize investment opportunities or meet liquidity needs immediately.
Nexo for Investors
For investors, the NEXO Token is the World’s First US SEC-compliant Asset-backed Token and is backed by the underlying assets of Nexo’s loan portfolio.
NEXO Tokens are a safe haven as they provide passive income in the form of 30% from the company’s profits, distributed monthly to NEXO Token Holders.
The tokens offer additional utility features such as discounted interest rates on the Nexo Instant Crypto-backed Loans and are also accepted as collateral on the Nexo Platform.
The World’s First Instant Crypto-backed Loans Provider
Powered by Credissimo, a FinTech company that has been providing financial innovation since 2007, Nexo has been providing instant loans to millions of people across Europe.
By applying blockchain technology, the company from Switzerland is Credissimo’s answer to solving the lack of financing for the new digital economy.
With Nexo, clients obtain an instant loan in fiat currency (EUR, USD, etc.) or cryptocurrency by placing their digital assets in an Nexo Wallet. They retain 100% ownership of their digital assets, and without the need to sell them, the borrowers now keep the full benefit from the assets’ value appreciation.
Ownership of digital assets is secured and guaranteed by transparent blockchain loan Repo for Digital Assets contracts while crypto оverdrafts are an affordable, flexible and efficient solution that also do not incur any tax liabilities or exchange and hidden fees.
Disclosure: This article includes a client of an Espacio portfolio company