Nexo Landing Platform Customers Can Use PAX Gold as Collateral

Cryptocurrency lenderNexo announced that loans secured by the form ofPAXG stable price gold. This became known to The Block.

Previously, only institutional clients of a company could take this opportunity.

ERC-20 PAXG token costs as much as onean ounce of gold and can be redeemed in exchange for a physical gold bar in partner organizations, for example, in New York Bullion Exchanges or London Brink’s.

“With Nexo and PAXG, a client can invest in physical gold and use PAXG as collateral, having received 70% of the investment amount in the form of a loan with an annual interest rate of 5.9% per annum,”- explained Nexo co-founder Anthony Trenchev.

According to Trenchev, in the context of the current increased volatility, demand for a new product turned out to be "phenomenal."

Customers, of whom there are 650 thousand in the company, can also use a deposit with an annual rate of up to 8% per annum.

Recall that earlier the CEO of the landing platform announced the forecast for Bitcoin to reach $ 50,000 this year.