Connect with us

Altcoins

Cardano [ADA] to be accepted as collateral for Nexo’s crypto-loans

Priyamvada Singh

Published

on

Cardano [ADA] to be accepted as collateral for Nexo's crypto-loans
Source: Pixabay

Nexo’s Teodora Atanassova announced in a Tweet that crypto-backed loans by Nexo will work on accepting Cardano [ADA]. Nexo is a Fintech group powered by Credissimo that provides instant loans to its customers by accepting crypto-collaterals.

In her tweet, Teodora wrote:

“As the largest issuer of security tokens by market cap, @NexoFinance is in a unique position to accomplish what @cardanocom strives for too. @IOHK_Charles we start working on accepting @ADAcoin_ as collateral for instant loans on https://nexo.io”

About 2 weeks ago, Nexo made the announcement that the Binance Coin [BNB] will be accepted as collateral for the loans. Nexo, at the time, committed to expanding its token base eligibility for collateral and has kept the word by introducing another cryptocurrency to the block.

Cardano is a fully open-sourced, decentralized public blockchain. It runs on a secure proof-of-stake framework and is claimed to be borne out of a scientific philosophy.

The IOHK Co-founder Charles Hoskinson created Cardano to build a decentralized cryptocurrency that supports the upliftment of the developing world. In the past, Hoskinson has also spoken on IOHK’s development projects and goals by decentralizing the economy through Cardano’s technology.

The recent developments within the Cardano community include the launch of their native wallet application called Daedalus Wallet; which is readily available on their website, under the application menu.

Zoe Hess, a Twitter user, and Cardano fan commented:

“very good indeed. working with the most trusted cryto platform/company does seem to be the right way forward.”

Another crypto-enthusiast wrote:

“Fantastic use case. Well done.”

The ADA token, which is Cardano’s native cryptocurrency, has also been added by popular platforms such as eToro. The exchange included ADA on its trading list pairing it with USD.




Follow us on Telegram | Twitter | Facebook



Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Trending

Subscribe to AMBCrypto's Newsletter