Cryptocurrency-backed loan platform Nexo has announced on Wednesday that it had 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 widely rumored as crypto users were actively requesting it both social media and 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 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.
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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. The platform also 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 isn’t the only company to have offered opportunities to make money off of hodling. Coinbase Custody provides SaaS (staking 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.