June 30, 2021 – London, United Kingdom
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 Nexo’s existing clients and the wider Cardano community. It further adds another top tier cryptocurrency to Nexo’s ‘earn on crypto and 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 resourcean issue Nexo’s new approach to asset integration will help ease.
Antoni Trenchev, co-founder and managing partner of Nexo, commented,
“Blockchain organizations like Nexo and Cardano have a lot of potential to give each other a serious leg up in digital financeand 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.”
Romain Pellerin, CTO of IOHK, said,
“Interoperability is essential to further mainstream adoption of blockchain and cryptocurrencyand our partnership with Nexo is another step towards that journey. This partnership will not only allow ADA holders to manage their portfolio but will also 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 is the world’s leading regulated digital assets institution. The company’s mission is to maximize the value and utility of cryptocurrencies by offering tax-efficient ‘instant crypto credit lines,’ a high-yield ‘earn on crypto and 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 over $30 billion for 1,500,000+ users across more than 200 jurisdictions.
Magdalena Hristova, PR manager of Nexo
Rod Alexander, director of media and public relations of IOHK