ZUG, Switzerland, Aug. 2, 2018 /PRNewswire/ -- Nexo, the world's first instant crypto-backed loans platform, is pleased to announce it has signed a partnership with the secure crypto payment platform UTRUST (known as the Paypal of Crypto) for the integration of Nexo's instant loan solution on the UTRUST platform.
"PayPal Credit" for the Crypto Industry
As a result of the agreement, UTRUST will integrate Nexo's instant crypto-backed lending capabilities on UTRUST's platform in order to provide crypto holders with the option to make delayed payment purchases, quite similar to PayPal Credit.
"We are thrilled by the possibilities our partnership with Nexo opens up for the crypto world," said Nuno Correia, CEO of UTRUST. "We are joining forces to further build on our mission to provide consumers and merchants with a reliable payment infrastructure, allowing them to tap into the full potential of cryptographic technologies."
The partnership expands the two companies' existing infrastructures, allowing buyers to make secure purchases while HODL-ing their crypto assets.
"One of the main barriers to cryptocurrencies' mainstream adoption has been an inadequate payment infrastructure and merchant network, limiting consumers' buying choices and, ultimately, disturbing their purchasing experience," said Georgi Shulev, Nexo's Managing Partner. "The partnership between Nexo and UTRUST is intended to correct this deficiency and empower buyers and merchants alike to tap into the unlimited capabilities of blockchain and cryptocurrencies."
Nexo helps crypto investors unlock the value of their wealth by providing them with instant loans in USD, EUR and USDT (Tether) against their crypto-holdings. By securing their assets in the Nexo Platform, rather than selling them, clients obtain immediate access to cash and keep the upside of future value appreciation of their cryptocurrencies and tokens. The concept has quickly gained an enormous following amongst crypto miners, hedge funds, ICO companies and many more. Investors of all sizes and nationalities have found various reasons why Nexo is their first association with crypto-backed loans.
While blockchain payments have undoubtedly disrupted financial transactions with their speed and low fees, UTRUST adds a much-needed consumer protection layer.
Benefits for Consumer and Merchants
UTRUST's platform enables consumers to enjoy the comfort of paying with cryptocurrencies in a secure way. 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, by converting cryptocurrencies to fiat immediately after payment.
The company allows for friendly dispute resolutions between buyers and sellers. In case the parties fail to reach an agreement, UTRUST steps in and refunds the buyer, upholding standards like those of Paypal.
Integrating Nexo's crypto-backed lending capabilities within the UTRUST payment platform benefits all parties in a number of ways:
- Consumers can make purchases with cryptocurrencies while keeping their crypto assets and enjoying any value appreciation;
- Merchants can increase their revenues by offering more flexible payment options, seamlessly adding a revolving line of credit to their stores without no extra cost or effort;
- In broader terms, the service will further enhance cryptocurrencies' real-world applications and pave the way for mass adoption.
Nexo is powered by Credissimo, a leading FinTech Group serving millions of people across Europe for over 10 years. Credissimo has always operated under the highest regulatory requirements and strictest supervision by multiple 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 profitable business model.
For more information, please visit: www.nexo.io
UTRUST is the world's first payment platform for cryptocurrencies featuring Buyer Protection and Instant Payments. The company is building a global PayPal-like payment platform with extensive cryptocurrency support. Providing faster, safer and more convenient payments is the platform's ultimate goal, which will ensure large-scale adoption and user acceptance.
Both Nexo and UTRUST are members of the Crypto Valley Association in Zug, Switzerland.
For more information, please visit: www.utrust.io
SOURCE Nexo Capital Inc.