by Lydia Ludmila Users of Nexo can now purchase and sell the Cardano (ADA/USD) coin, get loans backed by Cardano with interest from around 7% and earn up to 8% interest on the coin. The addition of Cardano will not only create more buying pressure for ADA, but also reduce selling pressure and increase its utility.
Response to overwhelming demand
Nexo, a leading digital asset institution, launched its integration of ADA in the wake of extensive demand from the ADA community and Nexo’s current clients. With this addition, the platform offers a total of 20 assets available for services.
Nexo is launching all services for Cardano with the exception of withdrawal and deposit features, as these necessitate “time-consuming” blockchain integrations, according to the press release. This way, Nexo can meet users’ growing needs and add new currencies to its selection of financial services while establishing a demand for the new asset prior to investing development resources into blockchain integration. Nexo’s approach will ease the noticeable deficiency of development resources.
‘Serious leg up’
Nexo co-founder and managing partner Antoni Trenchev commented in the press release that blockchain organizations like Nexo and Cardano can give each other a “serious leg-up” in digital finance. The executive added:
“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.”
Cardano’s consistently growing blockchain, progressive proof-of-stake mechanisms, and expanding community will increase the assets managed by Nexo, enhance Nexo’s client base, and ultimately extent the use of both the Nexo platform and the ADA coin.
Romain Pellerin, CTO of blockchain engineering company IOHK, whose main business is developing Cardano, said:
“Interoperability is essential to further mainstream adoption of blockchain and cryptocurrency and our partnership with Nexo is another step towards that journey. 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.”
