Announcement: WAX to be used as collateral on the Nexo Lending Platform

We are proud to announce a new partnership with @NexoFinance! Soon you'll be able to get an instant loan, backed by $WAX Tokens!

Today we announce the ability to use WAX Tokens as collateral for instant access to cash through crypto-backed loans from Nexo! WAX Token holders will be able to keep their cryptocurrency assets, including gaming skins and crypto collectibles, while accessing cash loans on the Nexo platform.

The team behind Nexo has been providing instant loans to millions of people across Europe over the past ten years. Nexo is the first company to offer instant cryptocurrency-backed loans, allowing clients to unlock the true value of their owned digital assets. Their platform is based on secure blockchain technology and all loan contracts are stored and replicated on the distributed ledger, making them immutable and verifiable. This brings an added level of transparency and security to clients.

“WAX is truly a blockchain pioneer with a vast community and Nexo is beyond excited to present them with the possibilities of our instant loans backed by the WAX Token,” said Georgi Shulev, Managing Partner of Nexo. “Nexo provides instant cash to the 400+ million online players, who want to keep their virtual goods and use them at a later stage, without selling them.”

“We are committed to providing the WAX community with the most dynamic experience possible, and Nexo helps us achieve this,” said Malcolm CasSelle, President of WAX and CIO of OPSkins. “WAX Token holders will be able to keep their cryptocurrency assets, such as gaming skins and Crypto Collectibles, while accessing cash loans on the Nexo platform.”

Created by top virtual goods marketplace OPSkins, WAX allows anyone to host their own marketplace to buy and trade securely and with low fees from anywhere in the world. WAX is designed to serve the 400 million gamers who already collect, buy, and sell in-game items with a simple exchange that leverages blockchain technology for transaction verification and recording.

Nexo expects the integration to be complete around Q3 - Q4 2018.

Source: Medium