Binance’s BUSD gets listed on Nexo platform

Sahana Kiran
Source – Unsplash

Crypto firms across the globe were under the spotlight this year. While a number of them filed for bankruptcy, a few others were treading carefully and made it through the bearish realm. Nexo, a prominent lending firm has been making headlines lately.

Sadly, this wasn’t for all the right reasons. While eight US states have slapped the platform with a lawsuit, it did not put a stop to its listing process. Binance’s stablecoin BUSD emerged as the latest addition to the firm.

Elaborating details about the listing, Nexo pointed out that the “borrow-to-buy-more” type of investor and the day trader had something to look forward to with the listing. The platform suggested that users could earn 12 percent APR on BUSD and get a credit line against it at 0 percent APR. This further comes with the ability to trade BUSD pairs with 50 percent off on fees.

As mentioned earlier, Binance’s stablecoin can be employed to get an “instant crypto credit line.” With this users will be allowed to borrow cash or stablecoins.

Nexo’s blog post further read,

“Giving you the highly demanded tokens on the market is a primary goal for us. With stablecoins, it’s important you have the most reputable, collateralized offerings. There are not many more that tick these boxes than the third largest stablecoin by market cap — Binance’s BUSD.”

Nexo moves forward untethered

Over the last couple of days, Nexo has been under a lot of scrutiny in the US. In a recent lawsuit, the crypto lender was struck with a cease and desist order. The firm was accused of stealing funds from a crowdfunding charity platform. While these claims were dismissed by the firm, about eight US states were coming forwards to sue Nexo.

Amidst all of this noise, the firm continued to move forward. Recently, the firm managed to acquire a minority stake in the US Summit National Bank. Now, the listing of BUSD made it evident that the firm was growing untethered by the lawsuit.