Nexo has unveiled the full integration of Cardano on its platform. The Nexo platform now allows users to purchase and sell Cardano’s coin (ADA) and earn up to 8% on ADA. Users can also get credit denominated in ADA at variable rates starting from 6.9%. The addition of Cardano to Nexos’ platform is said to reduce the selling pressure on ADA as users embrace the coin’s utility leading to increased buying pressure.
The incorporation of ADA has happened due to pressure from Nexos existing clients and the Cardano community in general, adding yet another superior cryptocurrency to Nexo’s earn on Crypto and Fiat suite and the Instant Crypto Credit Lines. The number of assets available for services on Nexo is 20.
This is the second time Nexo has unveiled fully integrated services for a crypto asset without including deposit and withdrawal options, requiring significant resources for full integration.
By adding new currencies to its platform without including deposit and withdrawal functions, Nexo can gauge demand for the new coins before dedicating further resources to fully integrating the new coins onto its blockchain. The blockchain industry is currently facing a shortage of development resources as the number of projects balloons amid crypto’s rising popularity. Nexo’s novel approach allows it to invest just enough to test whether it should invest more development resources in a coin.
Antoni Trenchev, Nexo’s managing partner and co-founder of said:
”Blockchain organisations like Nexo and Cardano have a lot of potentials to give each other a serious leg-up in digital finance, and it thrills me to see that happening. 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.”
Whilst Romain Pellerin, IOHK CTO’s, said:
“Interoperability 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 to 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.”
Nexo’s client base is anticipated to grow, driven by Cardano’s continuous proof of stake model. Cardano has a rapidly growing community driving the organic growth of its blockchain eventually increasing Nexos client base and boosting the assets of Cardano. A complete blockchain merge of Nexo and Cardano is in the works and will be availed to users in due time.
What is NEXO?
Nexo is a regulated digital asset institution whose aim is to capitalise utility and value of cryptocurrencies by providing tax-efficient Instant Crypto Credit Lines. It also provides a high-yield Earn on Crypto & Fiat suite, immediate exchange service and a complex OTC and trading proficiency. Nexo provides high-end custodial insurance and security for the Nexo Wallet.
What is IOHK
It is a product engineering company that uses peer-to-peer innovations to provide financial services to the 2 billion unbanked people.
IOHK creates blockchain-based products for governments, academic institutions and corporations using skilled people from across the globe.
IOHK believes in decentralisation, financial empowerment, privacy and economic identity for everyone and is opposed to monopoly and bureaucracy.