🏛️Nexo Will Soon Let Users Borrow Cash Against CryptoPunks, Bored Apes NFTs
💳Nexo’s customers will soon be able to borrow digital assets using Bored Apes and CryptoPunks NFTs as collateral.
Crypto lender Nexo is partnering up with Three Arrows Capital to launch a new crypto credit service backed by blue-chip Non-Fungible Tokens (NFTs).
Nexo’s existing products, allow clients to borrow stablecoins, Ethereum, and other digital currencies and will be able to use NFTs as collateral.
Nexo’s NFT Lending Desk will start accepting Bored Ape Yacht Club and CryptoPunks NFT collections, with more collections to be announced in the upcoming weeks.
Bored Apes and CryptoPunks are among the most popular and valuable NFT collections in the market, with the price tag on some of the items reaching hundreds of thousands and even millions of dollars.
A non-fungible token is "a unique digital certificate, registered in a blockchain, that is used to record the ownership of an asset such as an artwork or a collectible," according to The Collins English Dictionary.
"NFTs' potential reaches far beyond art, encompassing ownership, exclusive access, functions, and features.” Antoni Trechev
Nexo also revealed that in the coming months it plans to launch more investment-grade products with high-profit exposure to the NFT market.
