Overview
- Nexo announced on Wednesday that Nexo Australia has been appointed an authorised credit representative and has launched Credit Lines that let eligible customers borrow against supported digital assets for Australian dollars or stablecoins.
- The Credit Lines carry advertised annual rates from 0.9% to 21.9%, have no fixed term or origination fees, allow flexible repayments and collateral exchanges, and typically make funds available within 24 hours.
- Regulated loans are provided by Nexo Individual Loans Pty Ltd and are serviced under Avgi Pty Ltd’s Australian credit licence, with Nexo Australia operating under Credit Representative No. 580430.
- Nexo also reintroduced Nexo Growth, which advertises up to 10% returns but requires customers to transfer asset ownership and gives an unsecured contractual claim, and launched Booster, which can increase positions up to three times and raises liquidation and leverage risk.
- Nexo is registered with AUSTRAC and is an AFCA member, but it has only applied for an Australian Financial Services Licence and ASIC has not yet decided, so regulators’ future rulings and customer protections will be key to how the products are used and supervised.