Cardano (ADA) partners with crypto lending player Nexo

Global blockchain engineering company and the developer team behind the Cardano (ADA) blockchain, Input Output Hong Kong (IOHK), partnered up with a cryptocurrency lending platform Nexo.

IOHK keeps announcing strategic partnerships as the crucial Alonzo upgrade that introduces the smart contract functionality to the Cardano blockchain runs its course.

Symbiotic relationship

Following Cardano’s latest strategic partnerships, the new collaboration with Nexo resulted in the full integration of the Cardano blockchain native cryptocurrency into the lending platform.

Enabling Cardano holders to buy, borrow, lend, and sell crypto on the Nexo Exchange is set to expand Cardano’s utility and reach. 

NEW BLOG: Digital lending platform @NexoFinance integrates #Cardano, enabling ada holders to borrow and earn from a diverse #crypto portfolio. This latest partnership further expands the Cardano ecosystem and increases $ADA utility👇🏼https://t.co/GIlVGjYYs8

— Input Output (@InputOutputHK) June 30, 2021

According to Nexo co-founder Antoni Trenchev, blockchain organizations like Nexo and Cardano have a lot to offer each other and their collaboration is of mutual interest.

“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,” said Trenchev, stating that reciprocally, adding Cardano to the lending platform broadens its addressable market and expands existing clients’ options when investing.

Cardano expansion

In order to expand the Cardano ecosystem, recently IOHK paired up with Orion and Nervos. 

Decentralized finance (DeFi) liquidity aggregator Orion Protocol integrated Cardano into its trading terminal and enabled Cardano users to buy and sell crypto, boosting its exposure and reach. 

The collaboration made Orion the first liquidity aggregator on the Cardano blockchain, set to enable the sustainability and scalability of the DeFi and non-fungible token (NFT) ecosystems on the network.

Meanwhile, the collaboration with Chinese public blockchain Nervos marked a first cross-chain bridge for Cardano, set to connect the two networks and allow users to interchangeably transact using respective native cryptocurrencies (ADA and CKB), as well as enable them to create new tokens across both blockchains.

Despite the dynamic developments, IOHK CEO Charles Hoskinson was exposed to recent criticism on Twitter, regarding the project not living up to his previous year’s projections, when he claimed that there would be hundreds of assets, thousands of dApps, and tons of interesting projects on top of the proof-of-stake blockchain.

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