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The Nexo encryption platform says it is exploring Ripple's xRapid, which uses XRP to increase speed and reduce the cost of cross-border payments. The announcement comes from Antoni Trenchev, co-founder and managing partner of Nexo.
We talked to Ethan about Xrapid, we'll keep you informed 🙂
– Antoni Trenchev (@AntoniNexo) November 13, 2018
The company is supported by TechCrunch founder Michael Arrington and defines itself as a "decentralized loan ecosystem that facilitates open access to credit anywhere and anytime." Use a long list of bank and exchange partners to provide loans.
Nexo follows the payment company and the Ripple TransferGo partner, who also revealed his interest in xRapid this week. Nexo has recently added XRP to its platform, becoming one of the first lenders to use XRP as a guarantee.
The loans guaranteed by XRP are now available on the Nexo platform, making us the first and only crypt lender on board #XRP as collateral.
Get instant access to cash while maintaining the positive potential of your XRP! #HODL #Ripple pic.twitter.com/YmYWSvW5Ov– Nexo (@NexoFinance) October 17, 2018
In addition to XRP, the platform offers over 20 coins as collateral, including Bitcoin, Ethereum, EOS, IOTA, Litecoin, Bitcoin Cash, Dash, Cardano, Monero, VeChain and Stellar.
Ripple launched xRapid for commercial use on October 1st.
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