Nexo Officially Integrates Cardano’s ADA into Its Platform

Cryptocurrency-backed loan platform, Nexo announced on Wednesday that it has added Cardano (ADA) to its offering within the platform. Users could now buy ADA and get cashback while earning daily interests and borrow against the crypto asset through its credit line product, said the company.

The addition of the virtual currency to Nexo, the fifth most valuable cryptocurrency in terms of market capitalization per Coinmarketcap’s data, has been the talk of social media as crypto users were actively requesting it both on social media and at Nexo’s website by submitting surveys. “You can buy Cardano on Nexo using crypto, or you can use our direct fiat on-ramp and get ADA in your Nexo Wallet in a matter of seconds. Our integrated Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term offers over 100 trading pairs and optimal rates from our industry-unique Smart Routing System, which pools prices from multiple exchanges and finds the best one for you,” the platform clarified about the initial launch.

Moreover, Nexo stated that every ADA purchase would come with a 0.5% cashback, whose offer will end on July 6, 2021, as part of the addition. Pairs available and tied to ADA will be ADA/BTC, ADA/ETH, ADA/BNB, ADA/USDT, АDA/USDC, ADA/HUSD, ADA/USD, ADA/EUR and ADA/GBP.

Partnership with IOHK

Users could earn up to 8% on Cardano in terms of interest by holding it on the Nexo wallet. Additionally, the platform stated that the integration was possible after having arranged a partnership with IOHK.

In April, Finance Magnates reported that Nexo announced the addition of Litecoin as another of its collateral options for its instant credit lines. Nexo is not the only company to have offered opportunities to make money off of hodling. Coinbase Custody provides SaaS (Staking Staking Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve Read this Term as a service), which requires hodlers to lock up Proof of Stake (PoS) tokens for an extended period. This results in an annual gain, but Coinbase takes its own cut.