On Wednesday (June 30), the Cardano Community finally got the news that it had impatiently been waiting for: Cardano ($ADA) has been integrated with the financial services of crypto startup Nexo, which is one of the largest providers of crypto-backed loans.
Nexo lets you:
- buy crypto using fiat currency (USD, EUR, or GBP)
- earn interest on your fiat or crypto holdings
- borrow fiat using crypto as collateral
Nexo started offering “the world’s first instant crypto-backed loans” in December 2017 (with the loans provided with the help of Malta-based Credissimo, “a leading European FinTech Group founded in 2007”).According to Nexo’s blog post, this new integration means being able to:buy $ADA on the Nexo exchange (trading pairs available: ADA/BTC ADA/ETH ADA/BNB ADA/USDT АDA/USDC ADA/HUSD ADA/USD ADA/EUR ADA/GBP)earn up to 8% annual interest on $ADA held in the Nexo wallet (with the interest paid out daily)borrow fiat (nearly instantly) against $ADA (at rates starting from 6.9% APR and a loan-to-value ratio allowance of 30%)