Cryptocurrency

Major Cryptocurrency Exchange Nexo Adds Support for Fantom's Native FTM Token – GlobeNewswire


SYDNEY, Jan. 27, 2022 (GLOBE NEWSWIRE) — Fantom, one of the fastest growing layer-1 blockchain platforms, today announced that Nexo, the world’s leading regulated digital assets institution, will add support of Fantom’s native mainnet token, FTM. In line with the listing, Nexo’s  3+ million users will now have the ability to interact with Fantom’s FTM token, and benefit from Nexo’s high-level security.

According to a survey of 1,000 experienced crypto traders, 40% identified security as their primary concern, while another 37% pointed to high trading fees as their chief complaint. Over the past three years, the number of Americans owning cryptocurrency exploded from roughly 8% in 2018 to nearly 24% in 2021. As the demand for cryptocurrency continues to grow, Nexo’s listing of Fantom aims to deliver users access to the Fantom ecosystem, which can facilitate transactions in a single second and costs a fraction of a cent. Additionally, Nexo’s user-friendly platform places a high premium on security and has partnered with industry leaders BitGo, Bakkt, and Fidelity Digital Assets to provide insured custody services.

Fantom’s listing on Nexo coincides with unprecedented growth within the Fantom ecosystem.  According to DeFiLlama, Fantom’s total value locked (TVL) rose by more than 60% to surpass Binance Smart Chain to become the third-largest blockchain in decentralized finance (DeFi). With a combination of low transaction costs and near-instant settlement speed, Fantom has developed into one of the most popular Layer 1 options.

“For both retail users and corporate clients, Nexo plays an essential role in bridging the worlds of banking and crypto,” said Fantom CEO, Michael Kong. “But even more, as they innovate in that space, they’ve succeeded in outperforming banks in customer support and services. We are thrilled to be working and community-building with them.”

Fantom’s listing on Nexo will unlock a number of unique features, including:

  • The ability to borrow against Fantom starting at 0% APR
  • The potential to earn promo rates of up to 18% APR on Fantom 
  • Enabling users to buy Fantom and swap for other assets on the Nexo Exchange

“With Fantom overtaking Binance Smart Chain in total value locked, we are happy to offer our users access to unrivaled financial services for FTM. This integration is just the latest in a series of rapid-fire listings which have turned the Nexo platform into one of the most efficient gateways to the DeFi ecosystem,” added Elitsa Taskova, Product Owner at Nexo.

Nexo’s support of Fantom comes on the heels of Fantom’s sponsorship of Scuderia Alpha Tauri F1™ and MotoGP driver, Fabio Quartararo, as well as Fantom’s recent integration with Shopping.io.  

To learn more about Fantom’s listing on Nexo, please visit: https://fantom.founation

Follow Fantom on Twitter, and join the conversation on Telegram and Discord.

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 Crypto Interest 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 $75+ billion for 3,000,000+ users across more than 200 jurisdictions.

Visit nexo.io to learn more.

ABOUT FANTOM

Fantom is a fast, scalable, and secure layer-1 EVM-compatible platform built on a permissionless aBFT consensus protocol. Speed, low transaction costs, and high throughput make Fantom ideal for DeFi applications and real-world use-cases. Learn more by visiting the Fantom Foundation website or Twitter.


        



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