Nexo, a platform for trading cryptocurrencies, has announced that it will begin offering OP token, Optimism’s native token, effective today. Nexo users will be able to borrow against their OP holdings at rates as low as 0% APR, buy OP with a card in seconds, and get up to 0.5% back. They will also be able to swap the token on the Nexo Exchange and spend the token’s value with the Nexo Card. In addition, you can use your present portfolio to swap up to three times more OP than you currently have.
Optimism is an Ethereum Layer 2 scaling platform. Using the Layer 2 solution, you can run dApps on the mainnet and use smart contracts. Transaction fees are significantly lower than on the mainnet, yet the network’s security remains intact. Layer 2 tokens have been increasing in demand due to cost savings in Layer 2. Therefore, we will likely see tokens like the OP token growing faster as the market recovers.
What it means to have OP token on Nexo
Purchasing Optimism using a credit card only takes a few seconds after completing your Nexo registration. It’s as fast and rewarding as any transaction on the blockchain, and you get up to 0.5% back in crypto. Purchases of OP on Nexo with a credit card now incur a fee of 0%. Pay with a debit or credit card and take advantage of this exclusive deal while it lasts.
Nexo’s OP token swap options allow users to select from six assets. They include BTC, USDC, USDT, EURx, USDx and GBPx. You can get up to 0.5 percent in crypto rewards for every swap you complete on the exchange. If you’re hoping for a market turnaround and don’t want to sell your tokens, borrowing against your assets at 0% APR to earn cash or stablecoins is a viable option. You can also use the freshly earned dollars to buy Optimism tokens.
The Nexo Booster facilitates a borrow and exchange transaction in seconds. This allows customers to purchase three times as much Optimism. A credit line secured by cryptocurrency is used to pay for the purchase. With the Nexo Card, you have the option to keep your OP tokens while also gaining access to liquidity. Tokens serve as a form of collateral, allowing you to borrow money to pay your regular spending.
To secure a loan through the Nexo credit line, you may either pledge your OP tokens or a mix of a number of different assets. You can spend up to 90% of your cryptocurrency’s worth without selling it. In addition, all transactions earn users crypto incentives, which are redeemable in BTC or NEXO. Furthermore, there is no taxable event when you spend without selling your crypto.