Blockport users will now be able to use the Nexo platform to get crypto loans, offering them another alternative to selling their cryptocurrencies for fiat currencies. Instead of selling they cryptocurrency assets, Blockport users can now keep their crypto, with all potential upsides, and leverage them to get instant access to cash.
Nexo is the most advanced and trusted instant crypto lending provider on a global scale, servicing 40+ currencies across more than 200 jurisdictions. Nexo has provided tens of millions of dollars worth of loans to an ever-growing base of thousands of happy clients.
The platform is powered by Credissimo, a leading fintech group that has been serving millions of customers across Europe for the past decade. Owing to their team’s more than 10 years of experience in online loan automation, Nexo is now officially the only crypto platform to provide fully automated loans on a global scale.
Blockport and Nexo: Visions aligned
Since the onset, our vision at Blockport has been to bridge the traditional world of finance with the new digital economy. A core principle of this vision is user-centric design – offering our users a seamless user experience that allows them to smoothly participate in the world of cryptocurrencies.
These principles and company values align perfectly with those of Nexo, which continuously strives to offer their platform to users around the world in a way that is accessible, simple, and enjoyable. Based on the first-class user experience Nexo has built, the fully automated nature of its service and the ever-growing currencies supported, Nexo is making enormous steps in bridging the new digital economy with the traditional financial ecosystem of banking and lending.
With this in mind, the Blockport and Nexo partnership is built around the vision of complementary solutions being offered directly on both platforms.
How does Nexo work?
As explained in the Nexo Platform Demo video, the process of receiving a loan starts with customers transferring their crypto assets to a Nexo wallet. Once the wallet is funded, the Nexo Oracle automatically calculates the customer’s available credit limit based on the market value of their holdings.
At this point, the loan is instantly made available to the customer, allowing users to withdraw cash directly to a bank account. Soon clients will also be able to spend directly with the Nexo Credit Card. This way investors get access to liquidity without any hidden fees or additional hurdles. Nexo also doesn’t perform credit checks, as the loans are fully secured by the value of the customer’s Nexo Wallet holdings.
When it’s time to repay the loan, customers can repay it in fiat currencies via a bank transfer or they can repay with their crypto assets.
Users can receive a 50% discount on the interest rate if they repay their loan interest with NEXO tokens or if they use NEXO tokens collateral for their loan.
What does this mean for Blockport users?
As of today, the Nexo widget will be visible in the Blockport platform, allowing users to withdraw loans through the Nexo platform.
This is a mere first step, and as our partnership matures, we will solidify the collaboration by integrating their API into our platform – empowering users to withdraw loans directly through their Blockport dashboard.
Looking ahead, the potential exists for Nexo to integrate the Blockport Token (BPT) into their ecosystem – accepting it as a collateral asset when issuing loans. This would enable BPT holders to temporarily access cash without needing to sell their BPT holdings on the market.
As our collaboration strengthens, the potential exists for Blockport to be integrated into the Nexo platform – offering their users our convenient fiat-to-crypto gateway. A prerequisite for this is our internal matching engine and open API.
Apart from the exchanging of complementary services, our partnership with Nexo represents business value, learning opportunity, and within the global cryptocurrency ecosystem.
Other noteworthy achievements are that Nexo has been backed by TechCrunch founder Michael Arrington, Nexo became the first crypto lending platform to accept XRP as collateral, and Nexo also distributed close to $1M in dividend payouts to its NEXO token holders.
Overall, Nexo’s banking and lending expertise, product integration, and long-term vision are very valuable to Blockport, especially in light of their current global expansion.