Crypto.com now accepts EOS and Stellar Lumen (XLM) as collateral for its money lending platform.
Interested users can now secure loans on Crypto.com with as little as 50% Loan to Value (LTV) ratio. Simply put, this means that if a user deposits 1,000 EOS or 100,000 XLM with the price of EOS at $2.7 and XLM at $0.07. Then the user will have access to a loan amount of $1,350 PAX/TUSD/USDC/USDT or $3,500 PAX/TUSD respectively.
Users with staked MCO tokens will enjoy reduced interest rates. It is important to note that interest calculation will commence immediately the loan is initiated and throughout the entire time, the loan is in effect. Crypto.com, however, reserves the right to make changes to the LTV ratio at any time.
Details on Crypto.com Loan service
To have access to loans on Crypto.com, you need to first deposit BTC, CRO, MCO, XRP, ETH, LTC and now EOS and XLM on Crypto Credit. With the app, users can easily monetize their crypto assets without the need to sell it. No fixed repayment date, or monthly late fees or deadlines. Users can pay any amount at any time within the twelve months from the start date of the credit term. Once the loan and all it accrued interest are paid, your collateral crypto will be deposited into your wallet.
The loan service is currently available to all its app users. Except those in Hong Kong SAR, Singapore, Switzerland, Malta, and the United States of America. The fintech platform, however, disclosed that plans are in place to make its products accessible to users in these jurisdictions. Users also do not need credit scores to obtain loans. All credit must be repaid in the currency in which the loan was received.
Users will forfeit ownership of the collateral paid, in the event of being unable to repay the loan after the 12 month payment period.
Recently, the fintech platform enabled USD fiat currency withdrawals via Automated Clearing House for its US-based users. And listed its MCO tokens on CoinDCX. It also recently added support for VeChain VET tokens.
Find out more about the Crypto.com loan service here.