Solana joins Nexo; users can earn up to 8% interest on SOL

By: Daniela Kirova
Daniela Kirova
Daniela was born in Bulgaria, grew up in Chicago, and then moved to Michigan to attend the University of… read more.
on Oct 4, 2021
  • Users get Solana tokens in their wallets instantly, interest is paid out daily
  • Loans with SOL as collateral and at rates starting at 6.9% APR
  • Exchange Solana for Bitcoin, Ethereum, Tether, USD, EUR, GBP

Nexo users can purchase, exchange, and get loans in exchange for Solana tokens (SOL/USD). They stand to earn as much as 8% interest on their holdings, Invezz learned from a press release. Nexo wrote:

As you know, we always have our clients’ best interest at heart so we’re back bearing some exciting news for you: Nexo is bringing SOL on board! You’re now able to buy, swap, earn and borrow against your SOL on our platform.

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Users get Solana tokens in their wallets instantly. The interest is paid out daily. They can get loans with SOL as collateral and at rates starting at 6.9% APR and exchange SOL on Nexo at actual cost.

Purchasing Solana

Nexo assures you can purchase SOL easily, safely, and instantly on its platform. You simply add your bank details in your Nexo wallet and press ‘buy.’

Exchanging Solana

You can exchange Solana for Bitcoin (BTC/USD), Ethereum (ETH/USD), Tether (USDT/USD), and three fiat currencies: the US dollar, the euro, and the British pound.

Earning interest

Nexo presents their savings yield on Solana as the highest on the market. With Nexo’s Earn Crypto Interest suite, it’s paid out daily. You don’t need to do anything to start growing your passive income apart from topping up your balance.

Getting an instant loan in cash

Nexo’s trademark Instant Crypto Credit Lines enable users to get a loan in cash or stablecoin using Solana tokens as security. APR starts at 6.9%. The minimum loan amount you can get is $50. The maximum is $2 million. No credit check is required. The platform will process your application automatically and loans can be approved within seconds.

You can pay the loan off in full or in part and at any point in time. No installment payments or minimum repayments are required.

Solana supports more than 400 projects in the NFT, Web3, DeFi, and other industries. Its combined consensus mechanism is based on Proof of History (PoH) and Proof of Stake (PoS). It features very low transaction costs and claims to be capable of processing up to 50,000 transactions per second.

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