Blockchain-backed loan provider Nexo has partnered with cryptocurrency payments platform UTRUST to offer delayed payment purchases in a service quite similar to PayPal Credit.
The deal will see Nexo’s instant loan solution integrated on the UTRUST platform, the Switzerland-based companies revealed in a press release on Thursday. According to the statement, the agreement will benefit “all parties in a number of ways” as follows:
Providing crypto holders with the option to make purchases with virtual currencies while keeping their assets and benefiting from any future value appreciation;
Providing merchants with an extra source of revenue by featuring more flexible payment options in their stores at no additional cost or effort;
Promoting and strengthening the real-world applications of cryptocurrencies and supporting their mass adoption.
“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. 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," commented Nexo managing partner Georgi Shulev.
Nexo raised $52.5 million in a private token sale earlier this year. The platform, launched in April 2018 and powered by European fintech company Credissimo, provides instant loans in US dollars, euro, and Tether (USDT) against consumers’ crypto holdings.
Last week, Nexo offered to buy out rival SALT Lending, whose CEO unexpectedly quit in a move that sparked rumors of the company pulling an exit scam. Described as “lending a helping hand” to the competition, the departure was widely dismissed as a publicity stunt within the SALT community. No further development has yet come to light.
UTRUST, a Paypal-like platform for cryptocurrencies, recently struck a partnership with Pundi X, a start-up supplying point-of-sale (POS) systems for both cryptocurrency and fiat payments. The agreement, touted by both parties as a significant milestone, will see UTRUST purchase 1,000 of Pundi X’s POS machines. In return, Pundi X will adopt UTRUST’s payment protection and settlement services across all operational devices.