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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

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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