Nexo Adds PAX Gold As Collateral Option For Crypto Credit Lines

Nexo adds the NYDFS- regulated PAX gold as an option for the recognizable Instant crypto credit lines which brings the gold-backed lending to the blockchain and in the Nexo crypto news today we find out more about the new option.

Nexo is one of the dominant players in the crypto lending space and by adding PAX Gold, the platform will offer the gold investors instant access to their gold wealth in more than 45 fiat currencies via the same or next day transfers in more than 200 jurisdictions. With this new option, a digital token on the ethereum blockchain which represents the physical amount of gold held in the London-based Brink, Nexo will provide the gold investors instant access to their wealth. Nexo adds the PAX gold option for its ‘’Earn Interest’’ product which will eventually pay up to 8 percent every year of interest on gold and in the same time debunking the century-old stigma that the gold does not pay dividends. This way, Nexo becomes the only financial institution in the world to pay interest on gold. The CEO of the company Chad Cascarilla stated:

“There’s a lot of overlap in the mentality between the crypto world and those who hold gold. What you know have is the liquidity, divisibility, and transferability of crypto, while owning gold.”

The co-founder of Nexo Kosta Kantchev stated that ‘’gold bugs proliferate the crypto community and the Nexo-Paxos offering will enable them to do what until now was only available to high-net-worth individuals via Lombard credits on large quantities of physical gold.’’ He added that the generations now are also buying huge quantities of gold which is used as collateral for credit lines. In the past, these proceeds were used to buy even more gold or to diversify into another asset class. Now, with PAX Gold, the same concept is available for less than a few hundred dollars. Nexo accepts the digital representation of gold and this great move will start a disruptive trend of tokenizing the world of commodities, bonds, stocks, and real estate.

As per the previous cryptocurrency news, Nezo is one of the most advanced crypto lending providers in the world and is the only blockchain company that provides services in more than 40 fiat currencies.