
London, United Kingdom, 30th June, 2021, Nexo, the leading institution for digital assets has initiated the integration of ADA, the native asset of Cardano, to its full suite of financial services. The initial launch includes buy and sell services for ADA on the Nexo Exchange, yields of up to 8% interest, and the option to borrow against the asset at 6.9% APR.
The ADA integration comes following extensive demand from both Nexoโs existing clients and the wider Cardano community. It further adds another top tier cryptocurrency to Nexoโs Earn on Crypto & Fiat suite and the Instant Crypto Credit Linesโข, bringing the total assets available for services on the platform to 20.
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This is Nexoโs 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 clientsโ 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 โ an issue Nexoโs new approach to asset integration will help ease.
โBlockchain organizations 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. Nexoโs 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 clientsโ options when investing funds via our platform,โ
commented Antoni Trenchev, Co-founder and Managing Partner of Nexo.
Romain Pellerin, CTO of IOHK, said:
โInteroperability is essential to further mainstream adoption of blockchain and cryptocurrency and our partnership with Nexo is another step towards that journey. 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.โ
Cardanoโs progressive proof-of-stake mechanisms, consistently growing blockchain and expanding community will boost Nexoโs 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.
About Nexo
Nexo is the world’s leading regulated digital assets institution. The companyโs mission is to maximize the value and utility of cryptocurrencies by offering tax-efficient Instant Crypto Credit Linesโข, 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.
Official website: https://nexo.io