Nexo and Chainlink have launched a joint collaborative effort to boost crypto adoption as we are reading further in the latest Nexo News.
The crypto lending platform Nexo and blockchain oracle network Chainlink want to boost the crypto adoption and adoption of digital assets by integrating Chainlink’s oracle system into Nexo’s lending and trading operations. This way they will improve security and efficiency. Nexo will also expand their services in a way that they can boost the adoption of crypto-based financial ecosystems and enable the platform to provide increased custody of funds, bigger loan volumes, and active over-the-counter desk operations.
Chainlink’s decentralized oracle network garnered a lot of utility in recent times. As per the reports, China’s national blockchain project known as the Blockchain Services Network will be integrating Chainlink’s oracles to boost efficiency and security of the network. This was a notable integration of the many that the network has seen. Nexo is the latest company to announce oracle integration which will be utilizing the network to create on-chain audits trails for its lending and borrowing operations.
The chainlink oracle network will be useful when it comes to making interest payments differently from that which the loan is denominated in. Nexo noted:
“In situations where Nexo loans make interest payments in a separate currency than what the loan is denominated in, Chainlink would provide a reliable and transparent exchange rate for calculating the interest payments.”
The oracles will help borrowers that know when their loans will near the liquidation prices. The co-founder Antoni Trenchev explained that Chainlink will help them reach the goal of closing the gap between traditional and digital finance:
“Nexo’s mission is to bridge the gap between digital and traditional finance and our developing collaboration with Chainlink brings us a step closer to achieving this.”
Chainlink’s co-founder Sergey Nazarov echoed this sentiment and explained how oracle networks will help users easily verify the lending rates as well as the collateralization rates:
“We’re excited to bring Chainlink’s secure and reliable oracle solutions to Nexo’s popular lending platform to enable users to independently verify on-chain the interest and collateralization rates they should receive.”
The latest integration comes as the hype surrounding Chainlink will keep on increasing as the news surrounding the network’s growth may help fuel the growth.
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