Nexo’s digital asset platform has begun integrating Cardano’s native token ADA with all of its financial services. Initial services introduced include buying and selling services for ADA on the Nexo exchange, an interest rate of up to 8%, and the ability to borrow assets at an annual interest rate of 6.9%.
Nexo’s Customers Continous Demand the Major Reason for Cardano Integration
The ADA integration follows the extensive needs of Nexo’s existing customers and the wider Cardano community. It also added another top cryptocurrency to Nexos Earn on Crypto & Fiat suite and Instant Crypto Credit Lines, bringing the total number of services available on the platform to 20.
This is Nexo’s second asset integration where the company has brought all of the services for an asset to market without the time-consuming blockchain-integrated withdrawal and deposit functions. This new approach allows Nexo to add new currencies to its financial services suite and effectively meet customers’ growing needs while confirming the demand for these new currencies before investing development resources into a full blockchain integration.
With the increasing popularity of blockchain technology, development resources in this area are obviously scarce – Nexo hopes to alleviate this problem through its asset integration method.
Nexo and Cardano Partnership a Step Forward to Cryptocurrency Adoption
Antoni Trenchev, the co-founder of Nexo, said: “Blockchain organizations like Nexo and Cardano have great potential to mutually empower each other in the field of digital finance. I am very happy that this is happening. “
“Nexo’s business has created added value for ADA, easing the pressure to sell, adding value, and creating a large number of users, including those who may have just started using cryptocurrency.
“In return, Cardano has expanded our overall target market and the options for existing customers to choose from when investing money via our platform.”
Romain Pellerin, CTO of IOHK, emphasized the potential of making cryptocurrencies more user-friendly – especially for beginners.
“Interoperability is essential for the continued adoption of blockchain and cryptocurrencies by the mainstream, and our partnership with Nexo is another step on that path,” he added.
“This partnership will not only allow ADA owners to manage their investment portfolios but will also allow users to buy ADA directly on the Nexo exchange using fiat or cryptocurrencies. The introduction of Nexo into our evolving ecosystem will provide the Cardano community with more ADA options and liquidity.
“Working with Nexo to provide a user-friendly process for those unfamiliar with cryptocurrencies will encourage wider adoption of Cardano.”
Cardano’s progressive proof-of-stake mechanism, growing blockchain, and growing community will expand Nexo’s customer base, increase the assets managed by crypto lenders, and ultimately expand the use of ADA tokens and the Nexo platform. Full blockchain integration from Cardano to Nexo is underway and will be made available to users in due course.