Offering credit card and loan services to individual users cryptocurrency loan protocol Nexo’s own token NEXO The altcoin experienced a rally after being listed on the world’s largest cryptocurrency exchange Binance.
Cryptocurrency Value Up 60% After Binance Announcement
After Binance’s listing announcement, the cryptocurrency price gained approximately 60%, albeit for a very short time.
However, Nexo has retraced since the rise and traded at approximately $2.33, but still gained more than 6% in 24 hours. The market cap of the cryptocurrency stands at $1.3 billion.
Pablo Jódar, head of financial products at Storm Partners, a systems provider for the cryptocurrency industry in Europe, said that Nexo has been on a positive note recently after announcing its collaboration with Mastercard.
Mastercard recently announced its cryptocurrency credit card. With the card, users can spend without having to sell their crypto assets and receive 2% cashback.
Jodar said the following about this collaboration:
“With this partnership, Nexo is on its way to becoming a crypto bank that enables retail customers to access the digital world.”
Jodar also noted that it has been a positive week for the cryptocurrency lending world, with Goldman Sachs announcing the first fiat loan backed by Bitcoin (BTC).
*Not investment advice.