Nexo partners with Three Arrows Capital to launch NFT-backed lending platform
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Answer Nexo partners with Three Arrows Capital to launch NFT-backed lending platform
Cryptocurrency lending platform Nexo has announced the launch of a new digital platform, in cooperation with the hedge fund Three Arrows Capital.
Nexo unveils a new product:
According to Thursday’s press release, the partnership with Three Arrows Capital will enhance Nexo’s credit issuance capabilities with necessary risk hedging mechanisms, capital injections, and leverage new lending services based on NFT token technologies.
The new service will add many additional capabilities to the Nexo industry to meet the needs of users.
Customers using the new “NFT Lending Desk” lending services will be able to borrow stablecoins, Ethereum and other cryptocurrencies.
They can also authorize Nexo to carry out NFT purchases on their behalf.
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The entire lending service and platform is accessible to all clients.
The platform currently supports two popular non-fungible icon sets:
Bored Apes Yacht Club and CryptoPunks, with a pledge to add more NFTs later.
Speaking about the development, Anthony Trenchev, Co-Founder and Managing Partner of Nexo, said:
Our partnership with Three Arrows Capital is a crucial step towards providing financial tools for Web 3.0 and “MetaFi”.
Where the capabilities of NFT go far beyond the art, its main advantages include:
Ownership, exclusive access, functionality and other features.
As we continue to explore the full scope of this asset class, services such as Nexo lending will be in high demand to unlock the core value of NFT while allowing users to retain ownership.
Lending services based on NFT are the first of its kind:
Nexo is the first blockchain-based lender to launch NFT-backed lending services, and Three Arrows Capital is the first client of its new platform.
Kyle Davis, Director of Three Arrows Capital commented:
We are pleased to partner with Nexo and demonstrate our recognition of NFT’s promise as a financial instrument, one that requires appropriate, high-quality financial instruments to take full advantage of it.
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At our company, we are supported and invested in such innovation that drives development forward.
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