Great news about the new crypto on BE!
Today I have opened new account on the main competitors platform - Nexo. They have stated that the interest rate for the crypto backed loan is 8 %, but it is only with NEXO token. Repaying the debt with the other tokens would cost you more than 22 % annual interest rate!! What a BS, even on my credit card interest is 18 %. And having to change the fiat into crypto, and then go to the specific exchange to by NEXO, it would cost way more than 8 % repaying with NEXO.
Keeping in mind that Bankera`s loans can be repayed with BNK for only 6 % rate and with other crypto for only 7.5 % we have a huge advantage against more than 22%!!!
I really believe that loans are going to be truly successful and demanded product!
Totally agree with this point. I was probably most excited about this product when I first invested. It's definitely a space that you can get creative in and also super large. It supports many players that could flourish so cash is king here! I expect Bankera will go through all the banking regulation properly and tap into institutional finance.