As a top-in-class digital currency, Ripple’s native token, XRP, is seeing its adoption increase daily. Impressively, the most recent use case of XRP is serving as a collateral for fiat loans of up to $2M USD. All interested members of the XRP community may approach Nexo, an instant crypto-backed service, to access this financial service. In addition, it has the backing of an industry key player, Michael Arrington. Like a frosting on the cake, Nexo service is Credissimo-powered. To those unfamiliar with the company, Credissimo is a leading European fintech group. Today, it styles itself the world’s first instant cryptocurrency-based loan service provider.
Nexo’s Areas of Specialization
Nexo shows that XRP functions as a collateral, alongside its native token for offsetting bills of internal services; Nexo Coin, Bitcoin (BTC), Ethereum (ETH) and also Binance Coin (BNB). In what appears a calculated way of adding insult to injury, it has disabled its withdrawal and deposit functions. Nonetheless, Nexo allows users to utilize XRP as a flexible credit line, charging 8% annual fee. In addition to providing crypto-backed loan services, Nexo aims to be a viable taxing solution, thus solving taxing-related hurdles. Regarding Nexo’s taxing service, the firm has adopted a technique called Zuckerberg Tax. Basically, Zuckerberg Tax will remove tax liabilities on cryptocurrency enthusiasts by converting cryptocurrency sales into overdraft. In the end, liquidity won’t be jeopardized.
Nexo Social Media Post
Giving clue to the recent development, the management of loan service took to their Twitter handle to break the news. While the post didn’t specify the maximum amount in fiat currency that the company can support, it nonetheless noted that the firm is now the first and only XRP lender. The post ended by encouraging Nexo users to take advantage of the loan service “while keeping the upside potential of XRP!”
Bill Gates Foundation Adopts XRP
Meanwhile, ever since XRP showed some commitment toward giving to charity by collaborating with superstar Madonna, more companies are keying into its platform for that purpose. The latest on the list of companies that have shown interest is the Bill Gates Foundation. Furthermore, the billionaire’s Foundation will use Ripple’s robust infrastructure for sending funds to the poorest of the poor. Confirming the media reports, Miller Abel, the Foundation’s deputy director, noted that it would be using Ripple and web monetization platform Coil, to send donations. In a Wednesday tweet, Abel pointed out that the Foundation has partnered with the two platforms to implement the interledger protocol and focus on exploring “pro-poor payment systems.”
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