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

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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

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How is the Crypto Market Changing?

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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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