Nexo and Chainlink Collaborate to Accelerate Digital Assets Adoption

Jul 07, 2020•2 min read

London, July 8, 2020 — Nexo, the market-leading crypto lender, and Chainlink, the most used and secure decentralized oracle network in the blockchain ecosystem, are forming a partnership that would integrate Chainlink into Nexo’s lending and trading operations.

Chainlink will contribute to the decentralization of Nexo’s lending, OTC, and institutional capabilities as Nexo builds out a complete prime brokerage product suite.

Commenting from a long-term institutional perspective, Nexo Co-founder and Managing Partner Antoni Trenchev said, “Nexo’s mission is to bridge the gap between digital and traditional finance and our developing partnership with Chainlink brings us a step closer to achieving this. We are very much on the same page — both in terms of how our respective services currently align, and in terms of our shared vision for a digital, decentralized future of finance. We’re thrilled to have them on board.”

As part of this integration, Nexo intends to use Chainlink’s oracle networks to produce on-chain audit trails of its lending and borrowing operations. In situations where Nexo loans make interest payments in a separate currency than what the loan is denominated in, Chainlink would provide a reliable and transparent exchange rate for calculating the interest payments. In addition, Chainlink price feeds will provide collateralization checks on borrowers, alerting Nexo when users have hit their liquidation price.

“We’re excited to bring Chainlink’s secure and reliable oracle solutions to Nexo’s popular lending platform to enable users to independently verify on-chain the interest and collateralization rates they should receive,” stated Chainlink Co-founder Sergey Nazarov. “This allows Nexo to provide additional trust and transparency to their large user base.”

About Nexo

Nexo is a leading digital assets institution. Committed to enhancing the value and utility of digital assets, the company offers a comprehensive suite of services including advanced trading solutions, liquidity aggregation from top trading venues, and flexible asset-backed credit lines. Since its inception in 2018, Nexo has processed $130+ billion for 7,000,000+ satisfied users across more than 200 jurisdictions. For more details, visit: nexo.com.

Chainlink is a decentralized oracle network that helps resolve connectivity issues with smart contracts, enabling users to build blockchain-based smart contracts that securely access off-chain data feeds, web APIs, and traditional bank payments. By doing so, Chainlink transforms the role that smart contracts can play in a vast number of sectors, including financial services, insurance, and supply chain. Chainlink provides highly secure and reliable oracles to large enterprises (Google, Oracle, and SWIFT) and leading smart contract development teams such as Polkadot/Substrate, Synthetix, Aave, Tezos, Conflux, and many others. Learn more by visiting the Chainlink website or following on Twitter or Reddit.

Official website: chain.link

Chris Barrett [email protected]