Nexo (NEXO), a cryptocurrency-backed loan platform, revealed on Friday in an email to users that Litecoin (LTC) is now the newest collateral option for Nexo’s instant credit lines.
With the listing, Litecoin joins several other major cryptocurrencies, including BTC, ETH, XRP, NEXO and BNB. The current APR is 16% for crypto-backed loans, but that rate is cut in half for users that put up NEXO as collateral.
According to the site, TrueUSD (TUSD), USD Coin (USDC), Tether (USDT), Paxos Standard Token (PAX) and Dai (DAI) now pay up to 6.5% compounding interest, which is distributed daily. Additionally, the funds can be withdrawn whenever, so there’s no lock-up period.