Antoni Trenchev, co-founder of Nexo, said he still believed in the "value proposition" of the Libra project and that his company would integrate it into its loans and payments processes.
Nexo, founded in 2017, was the world's first financial services company to offer loans backed by crypto assets. Founder Trenchev has been a crypto-enthusiast since 2011. The value proposition of Libra, he said in an interview on CNBC, is its low-cost, cross-border payments that settle almost instantly. He added:
I think the world is going to profit off that, using a cryptocurrency that is backed by a basket of currencies and short term government securities.
While the Libra project has suffered a few setbacks and a strong regulatory pushback since the announcement of its launch, Trenchev said that his company would look forward to using it once the regulatory risks had been eliminated.
Obviously there are a few clouds coming up: we'll see when those clouds clear how exactly the product is going to look. If it comes to be, we at Nexo will instantly onboard it for our loans and as a payment instrument. I try and stay optimistic, but there was some miscalculation as to the regulatory pushback.
Featured image by Alexander Mils on Unsplash