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Nexo Accepts Binance Coin (BNB) and Cardano (ADA) as Collateral for Loans

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Nexo

Several weeks ago, a FinTech group called Nexo released an announcement in which it stated that Binance Coin (BNB) will be the first crypto to be accepted as collateral for the loans backed by cryptocurrencies. The company promised to expand their list of accepted cryptos, and it finally delivered – by accepting Cardano (ADA) as well.

Nexo decides that BNB can be a collateral

Nexo is a well-known Credissimo-powered FinTech group that has recently helped cryptos with making yet another step towards mainstream adoption. It is no secret that cryptos are slowly but surely finding their way into basically any branch of business, but their acceptance as collaterals has been long avoided by pretty much everyone. That is, until a few weeks ago, when Nexo stepped in.

Nexo first hinted at its interest in Binance back during its token sale, when the firm said that it has a lot in common with Binance, including the same customers. The company was planning to use Binance Coin for the crypto-backed loans even then, it seems. Nexo must have seen a large potential in BNB since it even integrated it into its loan plans.

It is not really that surprising that BNB managed to capture Nexo’s attention. After all, the coin has demonstrated that it is a safe investment, and at this time, when crypto prices jump and fall drastically almost every other hour, BNB has reached stability. Of course, this is not total stability, considering that its price still keeps going up and down between $7.00 and $17.00, with its current price being at $13.93. Still, it is as stable as a crypto can get in the current market.

With BNB at its side, Nexo is able to allow traders access to coins instantly, and with no additional fees. Not only that, but the loan is also completely tax-free as well. After seeing that this move is positively accepted by its customers, Nexo promised that it will work on adding more currencies as accepted collaterals, and it finally delivered.

Nexo also wants to add Cardano (ADA)

Cardano (ADA) is a relatively new cryptocurrency, but it is still very well-known in the crypto world. It was designed to be public, decentralized, and open-source. In fact, the very idea behind ADA’s design was to support the development and progress in the world, which is exactly what it will be used for by Nexo.

The first announcement of Cardano joining BNB as a collateral came from Nexo’s Teodora Atanassova. Atanassova tweeted that Nexo will start working on accepting Cardano, and its use will be pretty much the same as BNB’s.

This is an excellent news for Cardano, which has been almost dormant for a long time. Its team, led by Charles Hoskinson, has taken a while before this crypto joined the action. This was due to their efforts to make Cardano’s technology stable, reliable, and to make sure that the coin is built with quality.

Ever since this period ended, Cardano has been achieving one victory after another. Being added to Nexo is one of them, and another includes ADA joining eToro and other popular platforms. There is also its launch of Daedalus Wallet, a crypto wallet native to Cardano, which can be found on this crypto’s website.

In the meanwhile, Cardano has also managed to grow quite a large community, and they have been very supportive of this move. Despite being such a new and young crypto, ADA already managed to reach the top 10s on CoinMarketCap, where it holds the rank of 8th, with a price of $0.125024 per token. It is unknown whether this acceptance by Nexo will influence ADA’s value, but if it does, the coin can only go up.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Thomas Hawk via Flickr

Blogs

How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also houses many International students attending many esteemed Singaporean Universities.  

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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social

When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve, unlock their full potential, and improve trading performance.  Cryptocurrency trading can…

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies like Bitcoin and Dash, to help protect their assets and hard-earned…

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