The Ripple Effect: Crypto Backed Lending Platform Exploring XRP-Powered xRapid
The crypto lending platform Nexo says it’s exploring Ripple’s xRapid, which uses XRP to boost the speed and lower the cost of cross-border payments. The announcement comes from Antoni Trenchev, the co-founder and managing partner of Nexo.
We have been talking to Ethan about Xrapid, will keep you posted 🙂
— Antoni Trenchev (@AntoniNexo) November 13, 2018
The company is backed by TechCrunch founder Michael Arrington and calls itself a “decentralized lending ecosystem that facilitates open access to credit anywhere and anytime.” It uses a long list of banking and exchange partners to deliver loans.
Nexo follows the payment company and Ripple partner TransferGo, which also revealed its interest in xRapid this week. Nexo recently added XRP to its platform, becoming one of the first lenders to use XRP as collateral.
XRP-backed loans are now available on the Nexo platform, making us the first and only crypto lender to onboard #XRP as collateral.
Get instant access to cash while keeping the upside potential of your XRP! #HODL #Ripple pic.twitter.com/YmYWSvW5Ov
— Nexo (@NexoFinance) October 17, 2018
In addition to XRP, the platform offers more than 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.