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Top European FinTech group, Credissimo, have officially launched their instant crypto-backed loans platform, Nexo.

The release marks the first time investors and businesses can access instant cash loans while keeping their digital currency holdings. Previously, cryptocurrency investors could only really enjoy their wealth if they sold their coins. Now that Nexo is part of the cryptosphere, investors and businesses – who collectively hold almost 500 billion dollars in digital assets – have access to instant and automatic loans granted purely on the crypto in their portfolios.

Not only is this a massive achievement for the cryptocurrency space in general, but it potentially frees up millions and even billions of dollars for spending.

The platform works like this: a user deposits their cryptocurrency assets into the secure Nexo Wallet, which is powered by reputable custodian BitGo. An automatic loan is then processed by which the client instantly receives a flexible line of credit. They are then allowed to immediately start spending the fiat generated by their credit line, and only pay interest on the funds they use.

Nexo also boasts no minimum repayments or hidden fees and repayments can happen at anytime, which is more than can be said for many traditional credit options.

No credit checks are required at any time and seeing as though potential clients would not need to sell their assets to receive a loan, no capital gains taxes are triggered in the process.

Managing Partner of Nexo, Antoni Trenchev, said:

71 percent of investors have much higher price targets for various cryptocurrencies and plan to hold their digital assets as long as possible. Nexo is giving them the means to spend the value of their crypto without having to sell it. This is important for the entire community, as our product aims to provide a meaningful mechanism for credit facilitation,”

Such freedom and flexibility is made possible by the reputation held by Credissimo, Nexo’s parent company. They have been operating in the European financial sector or over 10 years and have been strictly supervised by multiple European financial service regulators and banks throughout their history.

Shortly after launch, over US$1 billion worth of crypto-back loans have been requested.

Image From Shutterstock

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