Nexo expands its offering, announcing Polkadot (DOT) integration

Summary:

DeFi pioneer Nexo has revealed it will add Polkadot to its digital assets offering. Users will earn up to 8% interest against DOT held in their Nexo wallet.

DeFi pioneer Nexo has revealed it will add Polkadot to its digital assets offering. Users will earn up to 8% interest against DOT held in their Nexo wallet.

The leading crypto institution has responded to customer calls, adding DOT to its Earn Suite and increasing its offering to 19 digital assets.

Following the launch, Nexo will offer various trading pairs for DOT via its instant exchange. Furthermore, customers can take advantage of the industry’s most versatile credit line and borrow against DOT held in their Nexo wallet for as little as 6.9% APR.

Speaking on the latest milestone, 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.”

What is Nexo?

The project was launched in 2018, and it can be considered a pioneer of Decentralized Finance (DeFi). The blockchain-based lending company was the first provider of crypto credit lines, allowing users to borrow against their digital assets whilst retaining ownership.

Furthermore, the firm is a regulated Digital Assets Institution, holding all required licenses in numerous jurisdictions worldwide.

According to its website, Nexo has over 1,500,000 clients in more than 200 jurisdictions worldwide.

Nexo Token outlook

Like much of the market, the daily chart shows the price has traded lower over the last few weeks. However, it’s worth noting that the token has bounced from a strong area of horizontal price support at $1.0500.

Furthermore, Nexo shows strength in today’s trading and is currently higher by 13% to $1.4910. This has lifted the price to its next important obstacle.

A descending trend line from the 12th of May high at $4.1200 is visible at $1.6100. If the upside momentum is sustained through this level, it should extend to the June high at $2.5584.

However, this is dependent on broader strength in the cryptocurrency market, and a break below 1.0500 would signal additional weakness may follow.

That being said, the Nexo token should see increasing investor interest in response to the recent news. Therefore, when confidence returns to cryptocurrencies, Nexo could be set for a period of outperformance.