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At Blockport, we’re very excited to announce our latest partnership with Nexo, a platform offering the world’s first crypto-backed loans.

As of today, Blockport users will be able to use the Nexo platform to get crypto loans, offering them another alternative to selling their cryptocurrencies for fiat currencies. Instead of selling their cryptocurrency assets, Blockport users can now keep their crypto, with all potential upsides and leverage them to get instant access to cash.

Nexo is the most advanced and trusted instant crypto lending provider on a global scale, servicing 40+ currencies across more than 200 jurisdictions. Nexo has provided tens of millions of dollars worth of loans to an ever-growing base of thousands of happy clients.

The platform is powered by Credissimo, a leading fintech group that has been serving millions of customers across Europe for the past decade. Owing to their team’s more than 10 years of experience in online loan automation, Nexo is now officially the only crypto platform to provide fully automated loans on a global scale.

Blockport and Nexo: Visions aligned

Since the onset, our vision at Blockport has been to bridge the traditional world of finance with the new digital economy. A core principle of this vision is user-centric design – offering our users a seamless user experience that allows them to smoothly participate in the world of cryptocurrencies.

These principles and company values align perfectly with those of Nexo, which continuously strives to offer its platform to users around the world in a way that is accessible, simple, and enjoyable. Based on the first-class user experience Nexo has built, the fully automated nature of its service and the ever-growing currencies supported, Nexo is making enormous steps in bridging the new digital economy with the traditional financial ecosystem of banking and lending.

With this in mind, the Blockport and Nexo partnership is built around the vision of complementary solutions being offered directly on both platforms.

How does Nexo work?

As explained in the Nexo Platform Demo video, the process of receiving a loan starts with customers transferring their crypto assets to a Nexo wallet. Once the wallet is funded, the Nexo Oracle automatically calculates the customer’s available credit limit based on the market value of their holdings.

At this point, the loan is instantly made available to the customer, allowing users to withdraw cash directly to a bank account. Soon clients will also be able to spend directly with the Nexo Credit Card. This way, investors get access to liquidity without any hidden fees or additional hurdles. Nexo also doesn’t perform credit checks, as the loans are fully secured by the value of the customer’s Nexo Wallet holdings.

When it’s time to repay the loan, customers can repay it in fiat currencies via a bank transfer or they can repay with their crypto assets.

Users can receive a 50% discount on the interest rate if they repay their loan interest with NEXO tokens or if they use NEXO tokens collateral for their loan.

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