Nexo and UTRUST to Offer ‘PayPal Credit’ for Crypto Industry
Zug, Switzerland, Aug 2, 2018 / PRNewswire / – Nexo, the world’s first cryptocurrency-backed instant lending platform, is pleased to announce that it has signed a partnership with the secure crypto payment platform TRUST (known as Crypto’s Paypal) for the integration of Nexo’s instant lending solution on the UTRUST platform.
“PayPal credit” for the crypto industry
As a result of the deal, UTRUST will integrate Nexo’s instant lending capabilities on the UTRUST platform to provide crypto holders the ability to make deferred payment purchases, quite similar to PayPal Credit.
“We are delighted with the possibilities that our partnership with Nexo opens up for the crypto world,” said Nuno Correia, CEO of UTRUST. “We are joining forces to continue our mission of providing consumers and merchants with a reliable payment infrastructure, enabling them to harness the full potential of crypto technologies. “
The partnership extends the existing infrastructures of both companies, allowing buyers to make secure purchases while HODL-ing their crypto assets.
“One of the main obstacles to the widespread adoption of cryptocurrencies has been an inadequate payment infrastructure and network of merchants, limiting consumers’ purchasing choices and ultimately disrupting their shopping experience. “said Georgi Shulev, Managing Partner of Nexo. “The partnership between Nexo and UTRUST aims to correct this loophole and enable buyers and traders to tap into the limitless capacities of blockchain and cryptocurrencies.”
Nexo helps crypto investors unlock the value of their wealth by providing instant loans in USD, EUR, and USDT (Tether) against their crypto holdings. By securing their assets in the Nexo platform, rather than selling them, customers gain immediate access to cash and retain the benefit of future appreciation in the value of their cryptocurrencies and tokens. The concept quickly gained huge popularity among crypto miners, hedge funds, ICOs, and many more. Investors of all sizes and nationalities have found various reasons why Nexo is their first association with cryptocurrency-backed loans.
While blockchain payments have undoubtedly disrupted financial transactions with their speed and low fees, UTRUST adds a much needed layer of consumer protection.
Benefits for consumers and traders
UTRUST’s platform allows consumers to enjoy the convenience of paying with cryptocurrencies in a secure manner. It acts as a third party mediator, holding funds on each payment until the seller delivers the product or service. In addition, it protects buyers and sellers from market volatility, converting cryptocurrencies into fiat immediately after payment.
The company allows the amicable settlement of disputes between buyers and sellers. In the absence of agreement between the parties, UTRUST intervenes and reimburses the buyer in accordance with standards such as those of Paypal.
Integrating Nexo’s crypto-backed lending capabilities with the UTRUST payment platform benefits all parties in several ways:
– Consumers can make purchases with cryptocurrencies while retaining their crypto assets and enjoying any appreciation in value;
– Merchants can increase their income by offering more flexible payment options, seamlessly adding a revolving line of credit to their stores at no extra cost or effort;
– More generally, the service will further improve real-world cryptocurrency applications and pave the way for mass adoption.
Nexo is powered by Credissimo, a leading FinTech group serving millions of people across Europe for more than 10 years. Credissimo has always operated under the strictest regulatory requirements and the strictest supervision of several European banking and financial services regulators.
Nexo raised $ 52.5 million in an 11x oversubscribed private token sale earlier this year. It launched its Nexo platform in april 2018, becoming one of the few blockchain companies in the world with a live product and a profitable business model.
For more information, please visit: www.nexo.io
TRUST is the world’s leading payment platform for cryptocurrencies with buyer protection and instant payments. The company is building a PayPal-like global payment platform with extensive cryptocurrency support. The ultimate goal of the platform is to provide faster, safer and more convenient payments, which will ensure wide-scale adoption and user acceptance.
Nexo and UTRUST are both members of the Crypto Valley Association in Zug, Switzerland.
For more information, please visit: www.utrust.io
SOURCE Nexo Capital inc.