Nexo Kicks Off Polkadot Integration, Adds DOT to Borrow, Earn, and Exchange Offerings

Nexo Kicks Off Polkadot Integration, Adds DOT to Borrow, Earn, and Exchange Offerings

LONDON, June 23, 2021 — Nexo, the leading regulated institution for digital assets, has initiated the integration of Polkadot, a sharded protocol that allows decentralized blockchain networks to operate together, by enabling clients to buy and sell Polkadot’s native DOT, earn up to 8% interest, and borrow against the asset at just 6.9% APR within the Nexo Platform.

As a direct answer to frequent customer requests, DOT joins Nexo’s platform and brings the total of digital assets available for the firm’s Earn suite to 19. Within the next few weeks, the company plans to add support for more crypto assets that meet its standards.

Nexo’s decision to give its clients instant exposure to Polkadot’s native asset is aligned with the company’s commitment to offering a complete suite of crypto-native financial services, including participation in DeFi protocols. DOT has been enjoying significant and well-deserved attention from both retail investors and institutions over the past months. Nexo expects to see strong demand for the currency on its platform, allowing the company to assess its full integration in the future.

With the launch of DOT, Nexo clients will be able to:

• Buy and sell DOT on the instant Nexo Exchange with a variety of fiat and crypto market pairs.
• Еarn up to 8% interest on DOT, paid out daily.
• Borrow against DOT with the industry’s most versatile crypto credit line, with interest starting from 6.9% APR.

Commenting on the DOT launch, Nexo Co-founder and Managing Partner Antoni Trenchev said: “We are delighted to expand our high-yield earn services and offer cost-efficient funding against Polkadot’s native asset, thus further realizing the potential of cryptocurrencies as an asset class. Kudos to the product team for making the first step towards DOT’s full integration and giving our 1.5 million clients access to the DeFi ecosystem in a secure manner with the Nexo wallet.”

With the initial launch of DOT on Nexo, clients will be able to add the asset to their Nexo Wallets by purchasing it through the Nexo Exchange. This new approach of integrating currencies to Nexo allows for faster addition of new assets to the platform and makes Nexo’s range of financial services available to a wider range of crypto holders.

About Nexo

Nexo is the world’s leading regulated digital assets institution. The company’s mission is to maximize the value and utility of cryptocurrencies by offering tax-efficient Instant Crypto Credit Lines, a high-yield Earn on Crypto & Fiat suite, an instant Exchange service, and sophisticated trading and OTC capabilities, while providing the top-tier custodial insurance and military-grade security of the Nexo Wallet. Nexo has processed $30+ billion for 1,500,000+ users across more than 200 jurisdictions.

Official website: https://nexo.io

On the Flipside

• Nexo is one of the biggest ones, but not the most influential. We talked about Binance effect and started to mention Coinbase effect as well. All three companies were established at the same year though.

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