Cardano(ADA) Coming up with Huge Upgrades as it partners with crypto lending platform Nexo.
Input Output Hong Kong (IOHK), one of the global blockchain engineering firms and the developer team behind the Cardano(ADA) blockchain has subsequently partnered with cryptocurrency lender Platform Nexo.
While the IOHK announces this strategic partnership three-phase Alonzo upgrade blockchain upgrade that will introduce Cardano blockchain to the smart contract functionality and will also enable DeFi applications support.
This recent strategic partnership and collaboration with Nexo have led to the Cardano blockchain’s full integration as a local cryptocurrency into the lending platform.
Nexo Exchange platform is ready to extend its reach to Cardano’s utility to buy, borrow, lend and sell crypto on the Nexo Exchange ecosystem. With this upgrade, the Nexo users will be able to trade in ADA, earn up to 8% interest, and borrow against ADA from 6.9%.
Orion Protocol, a Decentralized Finance (DeFi) Liquidity Aggregator has integrated Cardano into its trading terminal, allowing Cardano customers to buy and sell crypto, increasing its exposure and ease of reach to everyone.
While his collaboration also made Orion the first liquidity aggregator in the Cardano blockchain system to launch the stability and scalability of the DeFi and Non-Fungible Token (NFT) environment in the network.
At the same time, the partnership with the Chinese public blockchain Nervos was also marked as the first cross-chain link for Cardano, by allowing the two networks to connect and generate new tokens for customers to transact with their local cryptocurrencies (ADA and CKB), across both the blockchain ecosystem.
Regardless of the wide area and dynamic developments Charles Hoskinson the CEO of IOHK brought out the various recent criticism on Twitter that criticized the project for not working in line with his previous year’s expectations, regarding their claims of having hundreds of assets, thousands of dApps, and many more interesting projects based on the proof-of-stake blockchain ecosystem.