Nexo Co-Founder Still Believes In The ‘’Value Proposition’’ Of Libra

The Nexo co-founder Antoni Trenchev stated that he still believes in the ‘’value proposition of the Libra project’’ and that his company will integrate it into its loans and payment processes systems as we are about to read Nexo news below.

Nexo was founded in 2017 and it was the world’s first financial services company to offer loans backed by crypto assets. The Nexo co-founder Trenchev has been crypto-enthusiasts since 2011 and the value proposition of Libra he stated for an interview that it is low-cost and cross-border payments that settle almost immediately. He added:

I think the world is going to profit off that, using a cryptocurrency that is backed by a basket of currencies and short term government securities.

While the Libra project has suffered a lot of setbacks and strong regulatory pushback after it was announced that that the social media giant Facebook will launch the crypto project, Trenchev said that the company will look forward to using it once the regulatory risks will get eliminated. He explained:

‘’Obviously there are a few clouds coming up: we’ll see when those clouds clear how exactly the product is going to look. If it comes to be, we at Nexo will instantly onboard it for our loans and as a payment instrument. I try and stay optimistic, but there was some miscalculation as to the regulatory pushback.’’

Moreover, Libra anticipates that 1,500 firms have expressed interest in joining the project with about 180 meetings the given criteria. As the crypto news show, even fourteen of the original 21 members must agree to each new party that is joining the project.

“There’s only one Visa, one Mastercard. I will not tell you that we have the equivalent, but I will tell you that we have reputable companies that are also very active in the financial and banking space.”

Meanwhile, good news comes from Sweden where the central bank (Riksbank) and its chief Stefan Ingves said that the bank has been exploring the potential issuance of cryptocurrencies as cash use in the country declines dramatically. The proposal from Facebook to create such stablecoin “has been an incredibly important catalytic event” according to the Riksbank chief.