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The crypto lending agency Nexo introduced in the present day the official launch of its brand-new NFT Lending Desk and Artwork Financing Service.
The maneuver permits the corporate to develop into the primary crypto lender in introducing crypto credit backed solely by non-fungible tokens after inking a partnership with Three Arrows Capital, an NFT-focused hedge fund.
In parallel with the launch, the hedge fund additionally turns into the primary NFT Lending Desk shopper with an NFT-collateralized crypto credit score issued by Nexo. As well as, the providers will help two fashionable NFT collections: Bored Apes Yacht Membership and CryptoPunks, though the agency expects to introduce extra within the upcoming weeks.
“The caveat here is that while DeFi NFT loans are amazing, at Nexo, we’ve taken this to the next level: We’re not just letting people borrow against non-fungible tokens, we’re taking more complex tools from traditional finance, such as fractional ownership & art financing, and making them compatible with blockchain and the metaverse,” Antoni Trenchev, Co-Founder and Managing Companion of Nexo, instructed FXEmpire.
Purchasers of the providers will even be entitled to borrow stablecoins like Tether (USDT) the identical method as they will do with Nexo’s Prompt Crypto Credit score Strains, the crypto lending firm commented.
“We are happy to partner with Nexo and demonstrate our recognition of NFTs’ promise as a financial instrument – one that requires appropriate, high-quality financial tools to be fully leveraged. At Three Arrows Capital, we’re fuelled by and invested in such forward-facing innovation,” Kyle Davies, Director of Three Arrows Capital, acknowledged within the announcement.
Not too long ago, Nexo announced that it had partnered with institutional crypto custodian Constancy Digital Property. The partnership will see the 2 corporations launch a set of merchandise designed for institutional buyers in a bid to draw them to the cryptocurrency area.
Constancy Digital is the digital asset arm of Constancy Investments, the asset administration firm with greater than $7 trillion in belongings underneath administration.


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