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Nexo-Tron partnership introduces the first ever TRX-backed fiat credit line to accept TRON (TRX) as collateral.
Nexo and TRON Foundation have come together to oversee further TRX adoption through DeFi utility. According to a joint press release, Nexo will list TRX as a collateral for its customers. As a result, it will create the first-ever TRX-backed fiat loans. As the global crypto market divulges into altcoins utility, the new TRX market will greatly enhance its utility and in turn improve its market liquidity.
Antoni Trenchev, Neto’s Co-founder and Managing Partner, said:
“The best thing about DeFi is the freedom it gives us to create services that benefit the entire business community. Our newest credit line option will grow both TRON’s and Nexo’s lineup while providing users with much-needed utility and flexibility for their TRX. It’s always exciting to offer a product that is first of its kind and we look forward to seeing what people will achieve using this unique service”.
The DeFi industry has grown tremendously in the past few years as crypto investors find it as an alternative lucrative means to make profit.
As for Tron, it was said:
“TRX is the native token of the TRON blockchain. The network’s throughput, scalability and effective smart contracts allow it to consistently handle 2,000 transactions per second. TRON’s versatile use cases and high level of decentralization make it a progressive partner for Nexo, as we work together to provide quality services for the blockchain space.”
TRON (TRX) Set to Benefit from Nexo Listing
With Nexo promising a military level of security in customers’ stored funds, more money flocking into the DeFi ecosystem will make it one of the largest crypto utilities in the near future. Tron Foundation stated:
“Adding TRON to Nexo’s credit lines increases the asset’s utility features, eases selling pressure and makes HODLing easier. TRX-backed loans allow investors to borrow against their assets rather than selling them while benefiting from Nexo’s unrivaled interest rates and superior tax-efficient service”.
There are tons of benefits to Tron holders who decide to use Nexo DeFi services. Some of the highlighted ones include the ability of the TRX holders to earn 5% interest. Another notable benefit is the Top-tier insurance on all custodial assets with SOC 2 Type 2 certified crypto custodian BitGo.
This is an extraordinary method for TRX holders to earn interest beside the underlying asset gaining value. Tron which was trading at $0.02 at the time of writing is up 6.28% in the past 24- hours. Nexo offers TRX holders who make use of their services a fast and guaranteed deposit and withdrawal of their funds at any time they need.