Cardano launches on the Nexo platform – DiarioBitcoin

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Cardano’s ADA has been integrated into the services of NEXO, a well-known provider of crypto-backed loans.

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“The rumors are true: Cardano ADA is now available on Nexo!”, This is how the company’s blog titled yesterday a news item Nexus.

According to the information, with the initial launch of Cаrdano, Customers will be able to add the currency to their Nexo wallets by purchasing it through the exchange of Nexus. ADA withdrawals and deposits will be temporarily unavailable, but will be possible on the platform in due course.

Add the blog that can be purchased Cardano in Nexus using other cryptocurrencies or using the direct entry ramp to get ADA in the Nexo wallet. “Our integrated exchange offers more than 100 trading pairs,” he adds. As an offering, it says that the new Cardano integration comes with a 0.5% cash back on all ADA purchases through the Nexo exchange. This offer ends July 6, 2021 ″, according to the information.

They also announced that their product Earn on Crypto offers up to 8% interest on Cardano. For this, the interested party must keep ADA in their wallet Nexus and you will receive interest payments on a daily basis. “You can choose between a fully flexible account without blocking by selecting the FLEX Terms or you can increase your performance with the Fixed Terms”, explains the company.

Borrow

In addition, it offers Instant Crypto Credit Lines ™, that allows the user to borrow cash using Cardano as collateral, with rates from 6.9% and a loan-to-value ratio of 30%. According to the company, approvals for credit applications are instantaneous.

In the Nexo press release, Antoni Trenchev, co-founder and managing partner of Nexus, He said:

“Blockchain organizations like Nexo and Cardano have a lot of potential to give each other a significant advantage in digital finance, and I’m excited to see that happen. Nexo’s business creates additional profit for ADA, reducing selling pressure, increasing its value, and creating an influx of users, including people who might be getting started in crypto. Reciprocally, Cardano broadens our total addressable market and expands the options for existing clients when investing funds through our platform. “

For his part, Romain Pellerin, CTO of IOHK, stated:

“Interoperability is essential for more widespread adoption of Blockchain and cryptocurrencies, 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 also allow users to buy ADA directly with fiat or crypto on the Nexo exchange. Adding Nexo to our growing ecosystem will give the Cardano community even more options and fluency 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. ”

Today, according to the report of CryptoMarkets, Cardano It has an increase of 1.33%, contrary to currencies like Bitcoin and Ether that have slight falls. It is worth noting that yesterday we said that the Blockchain network designed by the IOHK led by Charles Hoskinson, Cardano, has to date more than USD $ 31,000 million in ADA funds available as collateral in its program of staking.

Sources: Blog Nexus, Cryptoglobe

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Cardano launches on the Nexo platform – DiarioBitcoin

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