Terra Partners with Nexo to offer Crypto loans and interests in the Asian market
Terra, the Blockchain-based payment system has announced its partnership with leading lending platform Nexo. With the help of this partnership, Terra will be able to expand into cryptocurrency lending and savings market in Asia. The company will also develop decentralized financial products for its customers. The two product offerings from this collaboration are as follows.
- Nexo’s instant credit lines will have Terra as a collateral option: this offering will eliminate the cumbersome credit checks for the users. It will enable them to avail an instant loan on cryptocurrency or fiat currency by having their Terra in the Nexo account
- Terra users will get a high yield saving program: Terra holders who have their holdings in Nexo will get a high-interest rate of up to 8%. This is higher than that of traditional banking institutions. Additionally, Terra will also provide additional returns based on Terra’s savings model. This will enable Terra holders to have double-digit investment growth on Nexo platform.
Since Nexo and Terra have the shared goal of improving the decentralized financial services with real use cases for the end-user, this collaboration is fruitful for both of them. Terra has been able to attract a large number of users in Asia through its marketing strategy. Together, both companies can become a strong driving force in the Cryptocurrency market. This can open up real-world applications for the end-users cryptocurrency market.
Cryptocurrency lending is gaining traction where holders of tokens are able to earn passive income with interests instead of just holding the tokens in wallets. This collaboration can help serve the growing need for a convenient and efficient lending service. Nexo and Terra have solved many industry’s biggest issues by offering innovative services such as instant credit lines with daily interest rates.
Daniel Shin, Co-Founder of Terra said:
“The ability to borrow against assets instead of selling them adds an incredibly powerful utility feature to Terra. Moreover, we are excited to soon offer Terra as part of Nexo’s high-yield savings program, in which we plan to utilize seigniorage to fund even higher interest rates. We’re thrilled to have found a reliable and experienced partner like Nexo, who is a strong driving force in the crypto industry and has opened up real-world applications for digital assets, gaining millions of global users in the process.”
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