Nexo is pleased to announce its strategic partnership with Terra, the project building the next-generation payment system on the blockchain. The two companies are set to offer cutting-edge decentralized financial products and expand the crypto lending and savings market across the fast-growing Asia markets.
The collaboration between Terra and Nexo focuses on two new product offerings:
- Adding Terra as the latest collateral option for Nexo’s instant credit lines: By eliminating the need for cumbersome credit checks, Nexo will offer users the ability to obtain an instant loan in fiat currency or cryptocurrency by placing their Terra in a Nexo account.
- Offering a high-yield savings program with Terra: Terra holders will enjoy high-interest rates of up to 8% on their holdings via Nexo, which is much higher than what traditional institutions offer. Moreover, Terra will top Nexo’s 8% interest rate with additional returns, funded by Terra’s seigniorage model, which would allow Terra holders to enjoy double-digit yearly returns on Nexo.
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A growing need is rising in Asia for a more efficient and convenient lending service. In a region where more than 1 billion people are estimated to have no access to formal financial services, including bank loans, Nexo has already solved many of the industry’s biggest issues by offering innovative services such as its signature instant credit lines, where interest is paid out on a daily basis. Through this partnership, Terra and Nexo will now be able to provide further solutions to counteract the lack of quality financing options in the region.
“The ability to borrow against assets instead of selling them adds an incredibly powerful utility feature to Terra. Moreover, we are excited to soon offer Terra as part of Nexo’s high-yield savings program, in which we plan to utilize seigniorage to fund even higher interest rates,” said Daniel Shin, Co-Founder of Terra. “We’re thrilled to have found a reliable and experienced partner like Nexo, who is a strong driving force in the crypto industry and has opened up real-world applications for digital assets, gaining millions of global users in the process.”
“We are excited to add Terra to the growing list of available stablecoins offered on our platform,” said Antoni Trenchev, Managing Director of Nexo. “With its unique seigniorage model and its impressive e-commerce alliance, Terra is set to become the most widely used and traded stablecoin in Asia and beyond. This makes it the most logical step for us to offer Terra to our users via our instant crypto credit lines. Terra is already backed by some of the biggest names in Southeast Asia, and we can’t wait to see how far we can take the spread of crypto across Asia with Terra’s help.”
Terra and Nexo are natural partners since both companies have the shared goal of designing decentralized financial services with real use cases for the mainstream audience.
Learn about Terra, its unique seigniorage model, and its collaboration with Nexo directly from Terra’s Co-Founder Daniel Shin’s recent appearance on the Borderless Crypto podcast.
Nexo is the leading crypto lender with $700,000,000+ already processed for its rapidly growing user base that exceeds 200,000, allowing them to get instant access to fiat and stablecoins via Nexo’s Instant Crypto Credit Lines™ against their digital holdings in BTC, ETH, XRP, LTC, BNB, and NEXO.
Terra aims to become the first widely used cryptocurrency by pushing adoption through its formidable e-commerce alliance across Asia. To date, the Terra Alliance has a collective annual transaction volume of $25 billion with 45 million users, including Asia-Pacific giants such as TMON, Baemin, Carousell, Qoo10, and Tiki. On June 11, Terra started powering and recording transactions from CHAI, a payment service that launched on TMON — one of Korea’s largest eCommerce platforms. Just within 10 days since launch, CHAI has amassed over 100K users. Terra has also recently announced investments from LuneX and Ulysses Capital to help the expansion of Terra and its e-commerce alliance across Asia.
Terra is designing a price-stable digital currency that will power the next-generation payment network on the blockchain. Terra partners with an ever-growing alliance of global e-Commerce platforms to bring blockchain’s benefits such as low transaction costs to merchants and everyday consumers. By bridging the gap between digital currencies and real-world application, Terra aims to evolve into an open platform for innovative financial dApps and grow the real GDP of the blockchain economy. Founded by a team of business, finance and blockchain experts, Terra has offices in Singapore and Korea. Further information can be found at https://terra.money.
Nexo is the most advanced and trusted instant crypto lending provider on a global scale. It is the only blockchain company to provide its services in 40+ fiat currencies and more than 200 jurisdictions. Nexo gives digital asset holders the best of both worlds — instant access to cash and retaining ownership of their assets. All funds on the Nexo platform are secured by leading audited custodian BitGo and the insurance leader Lloyd’s of London with $100M insurance for custodial crypto assets.