- Avalanche has what it takes to help build the infrastructure needed to support all kinds of digital and tokenized assets.
- By integrating AVAX, Nexo provides liquidity that will ultimately increase developer appetite in the Avalanche ecosystem and lead to its prosperity.
Nexo is a cryptocurrency lending platform that facilitates the loan of cryptocurrencies. Lenders can earn income by lending their digital assets such as bitcoin, tether, USDC, and other cryptocurrencies. In addition, borrowers can pool their digital assets together to obtain a loan from the lender. It has been in operation since 2018 and presently supports more than 40 different currencies.
For those unfamiliar with the NEXO token, it is an asset-backed cryptocurrency that pays out dividends from the platform’s earnings to its token holders. Dividends are distributed to token holders, who receive a 30 percent portion of Nexo’s profit. Borrowers and lenders who have NEXO tokens benefit from significantly lower interest rates than those who do not.
Avax Goes Live on Nexo
Nexo, a pioneer in crypto-backed credit, has launched AVAX, the native currency of the Avalanche public blockchain. Nexo users may now buy, sell, trade, and develop their AVAX holdings in one spot, as well as borrow against AVAX.
Since 2018, Nexo has worked to provide complete financial services to the digital asset world. As a result, the platform is becoming a more efficient entryway to DeFi, allowing its growing user base of DeFi fans to learn more about the Avalanche environment and purchase AVAX directly on the Nexo platform. In addition, Nexo users can lend out and borrow against their AVAX through the same user-friendly portal.
In a recent tweet, Nexo announced that they were happy to partner with one of the top-performing tokens in the Cryptocurrency space.
We are glad to partner with such a great company and add one of the top-performing tokens on our platform! https://t.co/9TzmszX4DZ
— Nexo (@Nexo) November 3, 2021
“We believe that Avalanche has what it takes to help build the infrastructure needed to support all kinds of digital and tokenized assets. By integrating AVAX, Nexo is providing liquidity that will ultimately increase developer appetite in the Avalanche ecosystem and lead to its prosperity, ” –Antoni Trenchev, Co-founder and Managing Partner of Nexo.
Future of Nexo with Avalanche
Nexo must embrace the immense benefits of a multi-chain world to investigate the possibility of various protocols working together to generate enhanced scalability and functionality for networks to connect. Nexo is partnering with Avalanche because it has not only built one of the fastest and most customizable DeFi ecosystems, but it is also working on a bridge to Ethereum thanks to its compatibility with the Solidity programming language, which will allow network participants to connect and transfer data between the two chains seamlessly.