Nexo Finance expressed that, “The planned changes to the LTVs of our Instant Crypto Credit Lines™, aimed at further boosting the stability of your assets, have come into effect. They apply to clients withdrawing new credit lines on and after May 5.

Due to unprecedented demand for our credit lines, we are temporarily raising the minimum stable coin borrowing limit to $5,000. We are working hard to further optimize our infrastructure and reinstate our former borrowing minimum ASAP. Fiat borrowing minimums remain at $500.”

It was previously published:  “Borrowing Rates From 6.9% APR:  Our borrowing rates will start at 6.9% APR, effective as of May 26, 2021, for all Nexo borrowing clients. Please refer to the new rates, as outlined per Nexo Loyalty tier in the table below.

As of this May, our borrowing rates will be reviewed and, if necessary, revised once per year only or in the event of extreme market conditions, with the next scheduled annual review due in May 2022.”

Also, it was also stated previously that, The Loan-to-Value (LTV) ratios for 10 cryptocurrencies available as collateral on the Nexo platform will be lowered, effective as of May 5, 2021, for clients withdrawing new credit lines on or after this date. Please refer to the list below for the full breakdown of our new LTVs.

The news has left the community with lot of questions like:

Do the borrowing rates also effect the borrowing that was done before May 5th?

Why is my credit line slashed in half? My crypto collateral is 3x my credit line. Why is this so?

Some of them were worried because:  Nexo has cut XRP to 30% LTV with ZERO NOTICE. NEXO users felt they need to speak about this. (This is probably induced by the SEC issue)

Nexo recently tweeted:  It is a gateway to financial freedom that everyone, everywhere should have access to. Turkey’s ban on cryptocurrency payments restricts this basic freedom.

For clarity, Turkey’s central bank has banned the use of cryptocurrencies including Bitcoin to purchase goods and services. Reportedly, transactional risks have been cited as a reason for this move and further clarified that they are trying to prevent unrecoverable losses for the parties in the transaction.

Nexo is sponsoring Consensus by Coin Desk, which is set to be a virtual experience to be organized from May 24 to 27, 2021.

Also, Nexo stated they are exceptionally proud to have been awarded first place as Company of the Year 2021 in the EY-powered Finance category of the Forbes Business Awards.

Nexo recently celebrated its birthday on April 30, 2021.