Nexo Initiates Cardano Integration with Exchange, Borrow & Earn for ADA

Jun 30, 2021•3 min read

  • Nexo is kicking off the full integration of Cardano on its platform.
  • Users are now able to buy and sell Cardano’s coin on the Nexo Exchange, earn up to 8% interest on the asset and get credit backed by ADA at rates starting from just 6.9%.
  • Adding Cardano to Nexo's suite of services will increase ADA’s utility, reduce selling pressure and create more buying pressure for the asset.

London June 30, 2021 – Nexo, a leading institution for digital assets has initiated the integration of ADA, , the leading institution for digital assets has initiated the integration of ADA, the native asset of Cardano. 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 suite and 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 features for an asset but without withdrawal and top-up options which require time-consuming blockchain integrations. This new approach allows Nexo to add new currencies to its suite 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 resource – an issue Nexo’s new approach to asset integration will help ease.

“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. 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.

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

About IOHK

IOHK is an R&D and product engineering company, committed to using peer-to-peer innovations to provide financial services to the 2 billions people who don’t have them. We build blockchain based products for governments, corporations and academic institutions and upskill people across the world, empowering them to solve the most pressing problems faced by people in their countries. We have core beliefs in decentralization, privacy, economic identity and financial empowerment for everyone, and stand opposed to centralized control and bureaucracy.

For more information, visit: https://iohk.io/ and follow @IOHKMedia on Twitter.

For media opportunities or potential interviews, please contact [email protected]

Media contact for Nexo:

Magdalena Hristova PR Manager [email protected]

Media contact for IOHK:

Rod Alexander Director of Media and Public Relations [email protected]