Nexo brings regulated crypto-backed credit to Australian users

Nexo Australia has launched regulated Credit Lines after being appointed as a Credit Representative, marking an expansion of the crypto lender’s local services under Australia’s National Consumer Credit Protection Act. Nexo says that eligible customers can use their digital assets as collateral to access liquidity without selling their holdings and losing their market exposure. The Credit Lines carry annual interest rates of 0.9% to 21.9%, depending on the customer’s loyalty tier and Credit Line version, and come with no fixed term or origination fee. Customers can typically receive funds within 24 hours, choose AUD or stablecoin payouts, and rebalance eligible collateral through its Collateral Exchange feature, Nexo notes. “The Australian market is ready for a better, more integrated model. We built these products to give Australian clients highly cost-competitive credit and the ability to put their digital assets to work, whilst assessing each product against the applicable Australian framework, and building regulatory requirements and consumer protections into the design from the outset,” Peter Stanhope, General Manager for Australia at Nexo, commented. The company is also bring...