Nexo Partnered With Three Arrows Capital To Launch NFT Services

Nexo partnered with Three Arrows Capital to launch the first NFT lending services for OTC clients as we can see more today in our latest Nexo news.

The crypto lending platform Nexo partnered with Three Arrows Capital and announced the launch of the non-fungible token lending platform. According to a press release, the partnership with Three Arrows Capital will boost Nexo’s credit card issuance features with the needed risk hedging, capital injection, and the liquidation mechanisms for the new lending desk. The new service will add more capabilities to the Nexo over-the-counter desk to meet the needs of the user base.

Clients using the NFT Lending Desk will be able to borrow stablecoins and other crypto assets but can also authorize Nexo and execute the NFT purchases on their behalf by using the issued crypto credit card. The lending desk is fully accessible to the clients and supports two popular NFT collections, CryptoPunks and Bored Apes Yacht Club with more to be added soon. Speaking of the development, Nexo’s co-founder and managing partner Antoni Trenchev noted:

“Our partnership with Three Arrows Capital is a definitive move towards providing financial instruments & Web 3.0-native MetaFi. NFTs’ potential reaches far beyond art, encompassing ownership, exclusive access, functions, and features. As we continue to discover the full scope of this asset class, services like Nexo’s lending will be in high demand to unlock NFTs’ underlying value while allowing users to retain ownership.”

Nexo is the first blockchain-based lender that will launch crypto credit cards backed by NFTs and Three Arrows capital will be the first client for the NFT lending desk. The new feature will expand Nexo’s addressable market and grow the reach of the crypto credit service will boost Three Arrows Capital’s exposure to the growing NFT market. The director at Three Arrows Capital Kyle Davies noted:

“We are happy to partner with Nexo and demonstrate our recognition of NFTs’ promise as a financial instrument – one that requires appropriate, high-quality financial tools to be fully leveraged. At Three Arrows Capital, we’re fuelled by and invested in such forward-facing innovation.”

Nexo revealed that it will launch other investment-grade products as well that will be secure and high profit to enhance the exposure to the NFT market in the upcoming months as a part of its Nexonomics initiative. Nexo announced a new partnership with Fidelity Digital Assets to expand the institutional access to crypto.