Connect with us

Blogs

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

Published

on

unifox-ad
Nexo
READ LATER - DOWNLOAD THIS POST AS PDF

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.

For the latest cryptocurrency news, join our Telegram!

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

3 Things to Avoid if You Want Your ICO to Succeed

Published

on

ICO
READ LATER - DOWNLOAD THIS POST AS PDF

Initial Coin Offerings, or ICO, have become quite popular in 2017, which is something that also continued throughout 2018. In fact, there were hundreds, if not thousands of them so far. However, no matter how many of them were organized, most never managed to make it into the market and achieve their goals.

Analysts claim that there are a lot more failed ICOs than there are successful ones, which has caused a lot of people to simply give up on the idea. However, many are still curious to know what went wrong, and while failed ICOs can be studied for years without discovering absolutely every flaw, some of the bigger ones can be spotted right away.

This is why we will now list top three reasons why so many ICOs failed, and everyone who is thinking about launching one should pay close attention.

1. The lack of demand for the product

According to estimates, around 60% of ICOs often fail at the first stage simply for the lack of interest in what they offer. When someone comes up with an idea and launches an ICO in order to raise money, they are presuming that people will be interested in investing in this idea. In addition, prior to making an announcement that an ICO is coming, it is wise to ensure that the announcement will be heard in the first place.

Additionally, ICOs need to be approved by appropriate…

Continue Reading

Bitcoin

Reasons Behind The New Bitcoin Crash

Published

on

Bitcoin crash
READ LATER - DOWNLOAD THIS POST AS PDF

Cryptocurrency investors and supporters experienced quite a shock last week with the latest Bitcoin crash. Almost every single one of top 100 cryptocurrencies trading in the red. Not only that, but most of them experienced massive losses, often larger than 12%, or even 15%.

The event was unexpected and all cryptos, with the exception of a handful of stablecoins, lost a large part of their value. However, as always, Bitcoin is the one receiving the most attention, especially since this is the first time that BTC has dropped below $6,000 in a long while. Right now, Bitcoin is still losing value, with its current price being at $5,503.11 per coin, and a drop of 12.76% in the last 24 hours.

After the initial shock, a lot of investors started wondering and researching the new crash. The main question still remains: Why did this happen?

While this is more than understandable, especially considering how much money, time, and patience people have invested in crypto, the reasons behind the new crash remain obscure to many. Because of that, we are now going to explain two events that are most likely to be causing this situation.

1. The selloff

This is believed to be the main reason for the new crash of Bitcoin. The selloff came as a consequence of the last year’s bull run, which has launched BTC and other coins to entirely new heights. Because of that, numerous…

Continue Reading

Altcoins

Here’s Why This Coin Still Has Wings (WINGS)

Published

on

WINGS
READ LATER - DOWNLOAD THIS POST AS PDF

WINGS, a decentralized crowdfunding platform based on the Ethereum blockchain, has had a great run over the past two months. Culminating in a peak of US $.23 just a few days ago, the currency behind the product has more than doubled since it’s lows of early September.

Despite the slight downturn WINGS is currently experiencing, this crypto-favorite may not be done running up the green candles on your favorite exchange just yet. A small drop like we had today was actually expected and could be considered healthy by long-term investors. These dips are also appreciated by those of us waiting to get in on a project we feel has real potential. WINGS has shown us that potential and is now presenting a great buying opportunity for speculators and traders looking for the next wave of support to lift this coin into the stratosphere.

What is WINGS?
WINGS was created to nurture project proposals via the Decentralized Autonomous Organization (DAO) model. Using blockchain networks and smart contracts, the platform allows the WINGS community to promote proposals with the greatest chance of positive returns. WINGS, in essence, is a decentralized forecasting ecosystem, where token holders are given an incentive to make choices concerning projects on the platform.

The DAO is a popular concept for crypto-projects that want to remain entirely on the web. Using the peer-to-peer technology of blockchain and smart contracts to enforce the rules of participation is…

Continue Reading

Elite