Nexo Partners With BetProtocol to Provide Instant Crypto Credit Lines to Betting Operators
We are excited to announce that the Nexo platform will be fully integrated with BetProtocol. This will enable every betting operator in the BetProtocol ecosystem to get liquidity in 40+ fiat currencies without needing to cash out crypto.
This is a crucial feature because betting operators have to make payments in fiat in order to get licenses, activate marketing campaigns and pay to non-crypto suppliers. Many have big cryptocurrencies holdings but don’t want to risk losing leverage or possible gains, so having Nexo as a loan provider is the ideal solution.
In addition, many countries see the sale of cryptocurrencies as a taxable event, triggering capital gains or other taxes. By taking out a loan with Nexo using crypto as collateral, no taxable event is triggered.
This partnership means that all BetProtocol betting operators will be able to get a Nexo loan directly from BetProtocol’s operator dashboard. The seamless integration is scheduled for Q4.
Currently, BetProtocol is providing technology to operators that manage platforms with more than $100M in monthly betting volume. Games being provided include dice, double dice, roulette and others. In Q4 2019 and 2020 new games will be provided, including poker rooms, table card games, and Esports betting.
Nexo is the most advanced and trusted instant crypto lending provider on a global scale. It is the only blockchain company to provide its services in 40+ fiat currencies and more than 200 jurisdictions. Nexo gives digital asset holders the best of both worlds — instant access to cash and retaining ownership of their assets.
Nexo has already processed $500,000,000+ for its rapidly growing user base that exceeds 200,000. All funds on the Nexo’s platform are secured via $100M insurance for custodial crypto assets.
BetProtocol enables entrepreneurs and developers to create betting platforms in minutes. No coding required. Thanks to BetProtocol’s blockchain technology, these platforms are secure, scalable and regulated. Its vision is to enable anyone in the world to dream of being a betting platform owner one morning, and actually be one that same day.