Just recently, Terra partnered up with Nexo to help crypto lending and savings across Asia, denominated in the Terra stablecoin. The two crypto projects will, therefore, work together for lessening banking-like operations with cryptocurrencies in Asia.
What’s the mission of the Terra project?
Terra project relies on the Terra price-stable cryptocurrency that has the mission to bring the world to the next level of payment networks on the blockchain. Terra’s purpose is to allow both merchants and customers to benefit from transactions at low fees via blockchain technology. They do that by signing partnerships with various firms to lower the gap between the cryptocurrency market and the financial world.
Terra project’s final goal is to create a platform for financial dApps to grow blockchain economy’s GDP.
Nexo is the only crypto banking solution, which offers crypto lending services across the world. It is a unique company as it provides its solutions in more than 45 fiat currencies and over 200 jurisdictions. With Nexo, the customers have instant access to cash, while they can also maintain their property over the digital assets they hold.
At the moment, Nexo conducted transactions of over $500 million serving its more than 200,000 clients, a number that continues to grow daily. All the funds on Nexo are secure by BitGo, the renowned crypto audited custodian, and insured via Lloyd’s of London. Besides, Credissimo, the European leading FinTech Group, powers Nexo’s global operations.
The partnership between Terra and Nexo
The deal between Terra and Nexo focuses on making Terra stablecoin the only collateral for Nexo’s instant crypto lending operations and providing a reliable crypto savings service.
The partnership between Terra and Nexo aims for growing the crypto lending and savings markets in Asia, and that because Asia requires more reliable, faster, and efficient lending programs. In Asia, more than 1 billion people do not have access to standard banking services, and that is where Terra and Nexo come in with instant crypto lending and savings programs.
“We are excited to add Terra to the growing list of available stablecoin offered on our platform. 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,” explained Antoni Trenchev, Nexo’s Managing Director.