Market around XRP token building up – let your XRP work for you with the help of Omni and Nexo

Nexo, a provider of crypto-backed of loans has made known that Ripple native token XRP is a new collateral option on their platform.

This enables XRP holders to borrow against their XRP tokens on the Nexo platform instead of selling when they are cash stripped and need a quick monetary injection.

Talking about the advantages of including XRP as a collateral option Nexo says: “This makes HODLing XRP even more straightforward, as it eases selling pressure and provides the most tax-efficient model for managing personal finances.”

Right now, Nexo collateral options are BTCETH, NEXO and BNB tokens, which can be used for instant loans up to 25% of the user’s holdings. This new option has appeared in the company after the company has announced that the anticipated dividend program will be live on December 15 and that it will distribute 30% of the platform’s profits for the NEXO token holders.

“In every other crypto investment scenario, you have to risk your cash — this way you can put items you already own to work for you and have them earn XRP while you relax,” says McLeod. “With this integration, you can basically double dip on ownership-as-investment by both unlocking liquidity early and investing some or all of the proceeds back into the crypto markets.”

While the revenue data is not publicly available, Nexo claims that it has processed more than $1 billion in loan transactions to date. Thirty percent of the profits from these transactions will be split equally across the fraction of the 560 million NEXO token supply that is staking on Nexo’s platform.

Rent stuff on Omni and get paid in XRP

Omni is an invention of Thomas MacLeod and Stefan Thomas, the former CTO of Ripple and founder of Coil is a start-up poised to change the concept of ownership of physical goods. Back in January 2018, they raised $25 million in XRP with Ripple, Vivi Nevo, Founders Fund, Karlie Kloss being some of the investors.

Omni started out as a storage service, now available in San Francisco and Portland. You schedule a pick up, its reps come to your place, they photograph the condition of your items, and haul them away to be stored in warehouses where space is cheaper than inside the city at users’ homes. The insane convenience of the service is you can request any of your items to be returned in as little as a few hours, so it’s almost like they never left your place. Most traditional self-storage units aren’t open 24/7 and it’s a big hassle to go pick up your stuff, often requiring a truck.

Omni is essentially Amazon Web Services for physical goods. In other words, Omni acts as the keeper of an on-demand personal storage platform build on a shared economy model.

The new XRP integration means XRP users can now cash out their rental earnings straight into their XRP wallets.

Love them or hate them, Ripple and the XRP token are seeing a whole ecosystem being developed around the digital asset and as we already wrote here – that is in the end a net positive for the crypto industry overall.

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Philipp Traugott
Philipp Traugott

Phil Traugott is a staff writer at CaptainAltcoin. As a trained marketing specialist for copywriting and creative campaigns, he has been advising top companies on the following topics: online marketing, SEO and software branding for more than 10 years. The topic of crypto currencies is becoming increasingly important for companies and investors and he found it very alluring and fitting for his skillset which prompted him to pivot his career towards blockchain and cryptocurrencies.

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