Nexo, the Switzerland-based Cryptocurrency lending service announced that the platform will add bitcoin cash (BCH) support. The firm offers crypto-fiat loans upwards of $1,000, without necessitating credit checks as collateral. Their latest addition will enable BCH holders to present their tokens to facilitate instant funding in more than 40 fiat currencies.
Nexo has been expanding its outreach quite rapidly, the current confirmation of adding support for bitcoin cash and litecoin now sees the platform supporting 6 digital assets. The asset holders can borrow anywhere from $1,000 to $2 million, instead of expending their tokens the user can lock their assets into the Nexo platform for a loan. The coins can be retrieved once the loan has been repaid.
Secured by custodial partner Bitgo, Nexo boasts to have had issued more than $1 billion of cryptocurrency loans to date. The platform also facilitates additional credit if the collateralized cryptocurrency value appreciates. Notably, the custodial partner Bitgo just closed its series B funding round and has managed to attract a number of institutional clients to its service.