Nexo Expands Crypto-Backed Lending to Australian Market

Nexo has launched its crypto-backed lending service in Australia, allowing users to borrow Australian dollars or stablecoins against their cryptocurrency holdings.

The company obtained credit representative status under Australia's National Consumer Credit Protection Act on August 18, after which it rolled out the service. Nexo does not charge loan origination fees and interest rates range from 0.9% to 21.9% per year, depending on the loan product and user loyalty tier.

Users can borrow funds within 24 hours of application, but may be required to post additional collateral or face forced liquidation if cryptocurrency prices fall sharply. In such cases, borrowers may lose part or all of their collateral.