Nexo (NEXO), a Zug, Switzerland-based startup that provides “instant” cryptocurrency-backed loans, has announced that it will start paying interest on five different stablecoins. Established in 2017 and having received $52.5 million in total funding (to date), the Nexo lending platform reportedly offers 6.5% interest, compounded annually and “paid out daily,” on Dai, Paxos Standard Token (PAX), Circle’s (USDC), Tether (USDT), and TrueUSD (TUSD). According to Nexo’s management team, the interest payouts to users are fully automated and they are also available (transferrable/compatible) for all Nexo wallets.
