The crypto borrowing and exchange platform, Nexo has announced the launch of another NFT Lending Desk service for OTC customers turning into the first crypto lender to present NFT-collateralized the art financing services and crypto credit for the certain asset class.

The launch results from Nexo's joint effort with the leading crypto and NFT-centered multifaceted investments Three Arrows Capital.

Nexo influences instant crypto loans, and the expansion of the NFT lending service empowers the stage to address the requirements of a more extensive assortment of investors.

Its new NFT-collateralized crypto credit permits customers to get Ethereum, stablecoins, and other cryptocurrencies.

The specific service is accessible to all customers and starts off with accepting two eminent NFT collections: Bored Apes and CryptoPunks, with more sets to be declared in the following weeks.

The new feature likewise permits customers to teach Nexo to make NFT buys for their sake by utilizing the gave crypto credit–presenting “a potent form of art financing in the digital space that otherwise proliferates the traditional financial sphere.”

In a press release, Nexo Co-founder Antoni Trenchev said, “NFTs’ potential reaches far beyond art, encompassing ownership, exclusive access, functions, and features. As we continue to discover the full scope of this asset class, services like Nexo’s lending will be in high demand to unlock NFTs’ underlying value while allowing users to retain ownership.”

“Our partnership with Three Arrows Capital is a definitive move towards providing financial instruments and Web3-native MetaFi,” said Trenchev remarking on the joint effort that supported Nexo's crypto credit issuance capacities, and empowered the lender to expand its market reach.

In the meantime, by utilizing hazard hedging, valuation, and liquidation instruments required for Nexo's NFT Lending Desk, Three Arrows Capital acquires extra exposure to the NFT market.

In the press release, Three Arrows Capital additionally considers the primary NFT Lending Desk customer with an NFT-collateralized crypto credit given by crypto lending platform Nexo.

On the other hand, Three Arrows Capital Director Kyle Davies stated. “We are happy to partner with Nexo and demonstrate our recognition of NFTs’ promise as a financial instrument–one that requires appropriate, high-quality financial tools to be fully leveraged. At Three Arrows Capital, we’re fuelled by and invested in such forward-facing innovation.”

Joyashree Dey

CBW - External Analyst

INDIA