Crypto lending platform Nexo has initiated the integration of ADA, Cardano’s native asset, into its full suite of financial services. The launch will include buy and sell services for ADA on the Nexo exchange.
Nexo is a regulated financial institution for digital assets with $4 billion in assets under management. The company offers tax-efficient ‘Instant Crypto Credit Lines, high-yield ‘Earn Interest’ products and ‘Send & Pay’ capabilities for clients to maximize the value of cryptocurrencies, while ensuring $100 million custodial insurance and military-grade security of the Nexo Wallet. Nexo claims to have processed more than $3 billion in 40+ fiat currencies for 800,000+ users across more than 200 jurisdictions.
The integration will allow ADA holders to purchase ADA directly with fiat or crypto on the Nexo exchange, and Cardano’s proof of stake mechanisms and expanding community will allow Nexo to boost its client base. A full blockchain integration of Cardano on Nexo will also be available to users in future.
“Blockchain 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. 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,” commented Antoni Trenchev, Co-founder and Managing Partner of Nexo.
Romain Pellerin, CTO of IOHK, said: “Interoperability is essential to further mainstream adoption of blockchain and cryptocurrency and our partnership with Nexo is another step towards that journey,” said Romain Pellerin, CTO of IOHK. “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.”
Source: Read Full Article