The borrower will be issued several notifications within the system and via email which will require them to either add more crypto to their wallet or repay the outstanding Crypto-backed Loan. As a last resort, the Nexo Oracle will issue a maintenance call of the deposited crypto within the wallet in order to prevent any risks for both parties. Partial automatical loan repayments may start only after the Loan-to-Value market value of your collateral has decreased to 120% of your outstanding loan balance (i.e. $60k for a $50k loan). You will receive three notifications before that for each 5% decrease.
You can make repayments using USD, EUR, or crypto, including the collateral in your Nexo Wallet (e.g. pay with part of your collateral assets and get the rest back/retain ownership of the rest).
Sell market orders are made at the market price on leading cryptocurrency exchanges. The funds received back from the exchange will be instantly applied towards your outstanding loan balancе.