Nexo platform launches full integration of Cardano
The Nexo digital assets platform has initiated the integration of Cardano’s native ADA to its full suite of financial services.
An initial launch includes buy and sell services for ADA on the Nexo Exchange, yields of up to eight per cent interest, and the option to borrow against the asset at 6.9 per cent APR.
The ADA integration comes following extensive demand from both Nexo’s existing clients and the wider Cardano community. It further adds another top tier cryptocurrency to Nexo’s Earn on Crypto & Fiat suite and the Instant Crypto Credit Lines, bringing the total assets available for services on the platform to 20.
This is Nexo’s second asset integration wherein the company launches all its services for an asset but without withdrawal and deposit features which require time-consuming blockchain integrations. This new approach allows Nexo to add new currencies to its suite of financial services and cater to clients’ growing needs efficiently while confirming demand for these new coins before investing development resources into a full blockchain integration.
With the rising popularity of blockchain technology, the space is seeing a noticeable scarcity in development resource – an issue Nexo hopes to ease with its approach to asset integration.
“Blockchain organisations like Nexo and Cardano have a lot of potential to give each other a serious leg-up in digital finance and it thrills me to see that happening,” said Nexo co-founder Antoni Trenchev.
“Nexo’s business creates added utility for ADA, reducing selling pressure, boosting its value, and creating an influx of users, including people who might just be starting out in crypto.
“Reciprocally, Cardano broadens our total addressable market and expands existing clients’ options when investing funds via our platform.”
Romain Pellerin, CTO of IOHK, highlighted a potential for making cryptocurrency more user friendly – particularly for beginners.
“Interoperability is essential to further mainstream adoption of blockchain and cryptocurrency and our partnership with Nexo is another step towards that journey,” he added.
“This partnership will not only allow ADA holders to manage their portfolio, but will let users purchase ADA directly with fiat or with crypto on the Nexo Exchange. Bringing Nexo into our growing ecosystem will give the Cardano community even more options and fluidity for ADA.
“Working together with Nexo to make this process user-friendly for those who are new to crypto will encourage wider adoption of Cardano.”
Cardano’s progressive proof-of-stake mechanisms, consistently growing blockchain and expanding community will boost Nexo’s client base, increase the assets the crypto lender manages, and ultimately expand usage of both the ADA coin and the Nexo platform. A full blockchain integration of Cardano on Nexo is underway and will become available to users in due time.
Nexo’s company mission is to maximise the value and utility of cryptocurrencies by offering tax-efficient Instant Crypto Credit Lines™, a high-yield Earn on Crypto & Fiat suite, an instant Exchange service, and sophisticated trading and OTC capabilities, while providing the top-tier custodial insurance and military-grade security of the Nexo Wallet. Nexo has processed $30+ billion for 1,500,000+ users across more than 200 jurisdictions.
IOHK is an R&D and product engineering company, committed to using peer-to-peer innovations to provide financial services to the two billion people who don’t have them.
IOHK build blockchain-based products for governments, corporations and academic institutions and upskill people across the world, empowering them to solve the most pressing problems faced by people in their countries.