How does the borrowing process work at Nexo?

The borrowing process at Nexo is designed to be user-friendly and efficient, allowing individuals to access liquidity without the need to sell their crypto assets. To initiate the borrowing process, a user simply needs to create an account with Nexo, if they have not done so already. Once the account is set up and verified, users can deposit supported cryptocurrencies or stablecoins into their Nexo wallet. This is an important step, as the deposited assets serve as collateral for the loan. After funding their Nexo wallet with collateral, users can navigate to the loan section of the platform to determine how much they can borrow. Nexo typically allows users to borrow up to 50 percent of the value of their collateralized assets, but the exact percentage may vary depending on the specific asset and current market conditions. Then, users can specify the amount they wish to borrow in cash or stablecoins. Once the borrowing request is made, Nexo processes the transaction quickly, and the borrowed amount is credited to the user's account. The borrowed amount is then subject to interest, which is charged daily. Users can repay their loans at any time and regain access to their collateral. For more detailed information or specific inquiries about the borrowing process, users can always refer to the FAQs or support sections on the Nexo website.