Litecoin [LTC] added as a collateral option on Nexo

Cryptocurrency backed loan platform, Nexo, adds Litecoin as its newest option to provide loan against. The news was announced via email to Nexo’s customer and it was also announced on Twitter. With the addition of Litecoin, NEXO now supports 6 cryptocurrencies – BTC, ETH, XRP, BNB, NEXO and LTC.

Nexo in a blog post stated,

“Litecoin has always focused on expanding the decentralized finance agenda as a means of social inclusion and generating financial freedom — two goals that align the endeavor with the mission of the Nexo enterprise.”

The news comes a week after Nexo announced that investors can earn up to 6.5% interest on stable coins stored on Nexo. Nexo currently supports 5 stable coins –  TrueUSD (TUSD), USD Coin (USDC), Tether (USDT), Paxos Standard Token (PAX) and Dai (DAI).

NEXO token is currently up by 8% in the past 24 hours. The cryptocurrency has a market cap of $45 million and has a daily trading volume of $4 million. NEXO token is currently the 103rd largest cryptocurrency in terms of market capitalization.

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