The cryptocurrency space has come a long way in the past couple of years. There is a myriad of services that various companies offer, bridging the gap between digital assets and traditional financial markets.
One particular field, the interest for which has skyrocketed recently are cryptocurrency-backed fiat loans. In essence, people can now use different platforms where they can use their Bitcoin and other cryptos as collateral for a fiat loan.
Nebeus is a platform that offers instant crypto-backed loans, as well as a lot of other crypto-fiat financial services to users from more than 100 countries.
What is Nebeus?
Nebeus is a platform that’s established back in 2014 and has grown substantially ever since. The company offers a range of different cryptocurrency-related services, including instant crypto-backed loans, savings accounts, a wallet, cold vault storage, as well as the ability to buy and sell cryptocurrency quickly and conveniently.
Without any further ado, let’s dive into the various services that the platform offers.
Nebeus’ instant crypto-backed loans are easy to deal with, and users can transfer fiat directly to their cards in minutes in over 100 countries around the world.
The way it works is relatively simple.
First, users need to open a Nebeus account. The process takes a couple of minutes, and it’s entirely free. The application process is seamless, and unlike traditional loan applications, the paperwork is minimal.
Second, applicants would need to deposit collateral. At the time of this writing, Nebeus accepts the following cryptocurrencies as collateral for their loans:
- Nebeus Token
It’s also worth noting that Nebeus provides a substantial Loan-To-Value (LTV) ratio. Their lowest is 72%, and it goes up to 80%, which is amongst the highest on the market.
Users also have the ability to select different length terms, and Nebeus doesn’t change the interest rate based on the term of the loan. This allows people to select lengthier terms for long-term loans, while also enabling them to repay the entire value whenever they want without having to worry about penalties.
The platform also has a Loan Health Monitor that every user has access to. This allows them to take a live view of the condition of their loans in relation to the collateral they’ve posted. Hence, if the price of the collateral cryptocurrency has started to decrease, users can immediately react by adding more collateral or by making a payment to reduce any risks.
Last but not least, users are able to instantly withdraw their loans to a credit card. Typically, Nebeus’ crypto-backed loans are issued in Euros. However, when the loan is credited in the wallet, users can select Pounds or Dollars and have it sent directly to their credit card. There are over 90 supported countries.
As CryptoPotato reported earlier in the year, there’s a growing number of banks that are introducing negative interest rates. In other words, instead of receiving money for keeping their cash deposited in a bank, people would have to pay a fee to the bank for storing the money.
This, coupled with the fact that many experts are expecting higher inflation because of the infinite money-printing that many governments around the world are doing to remedy coronavirus-related economic damage, decreases the value of savings even more.
Nebeus brings forward cryptocurrency savings accounts that provide users with up to 8.25% annual interest, deposited right to their accounts in EUR on a monthly basis. The money can be withdrawn instantly or compounded.
There are two savings platforms that users can take advantage of, based on the amount of crypto and the length of time they’d like to keep the account open for.
This provides an additional way of earning a passive income while also HODLing Bitcoin.
Buy or Sell Crypto
Nebeus also allows users to buy and sell cryptocurrency from their account. Currently, the platform supports Bitcoin and Ethereum.
The convenient thing is that users can top up their accounts using a credit card, and the money arrives in about 5-10 minutes. Also, they can also top up their credit cards using their Nebeus account, making the transfer of funds very quick and convenient.
In conclusion, Nebeus appears to be a well-rounded platform with a lot of interesting and helpful services that users can take advantage of.
The loan-to-value ratio on their crypto-collateralized loans is among the highest in the industry, and the overall process is seamless and easy to go through.
In terms of security, the platform boasts password protection, Two-Factor Authentication (2FA), and a unique PIN for any withdrawals. Additionally, users are not allowed to withdraw large amounts without receiving a manual verification from the team, and they can’t change their wallet address for security reasons.
The companies that operate the platform are based in the EU and the UK, which means they have to adhere to strict data protection policies, as well as stringent KYC and AML regulations.