Digital assets firm Nexo has begun to integrate Cardano’s ADA into its full suite of financial services. The process begins with buy and sell services for ADA on the Nexo Exchange, yields of up to eight per cent interest, and the option to borrow against the asset at 6.9 per cent APR. There are now 20 assets available on Nexo.
Nexo is using a “test the waters” process with ADA by launching most services save for withdrawals and deposits which require more complex integrations. Should demand be confirmed withdrawal and deposit integrations can be added.
“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 cofounder and managing partner Antoni Trenchev said. “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.”
“Interoperability is essential to further mainstream adoption of blockchain and cryptocurrency and our partnership with Nexo is another step towards that journey,” IOHK CTO Roman Pellerin added. “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.”
