Nexo Crypto Platform Now Supports the Fantom (FTM) Coin

Nexo is a well-known provider of instant crypto loans and crypto savings accounts. FTM is the native coin of the L1 blockchain Fantom. Users can borrow Fantom on the Nexo platform starting at 0% interest and invest at up to 18%

Fantom is one of the fastest-growing Layer 1 blockchains and a direct competitor to Ethereum. Now, one of the world’s leading regulated digital asset companies Nexo has added the mainnet coin FTM to its crypto trading portfolio, CryptoMonday learned from a press release.

Following the new listing, the crypto exchange’s more than 3 million users will be able to trade, lend, invest and also deposit as collateral with the FTM token. A recent survey of crypto traders showed that two-thirds of respondents consider security to be the most important concern. In contrast, more than one-third of respondents complained most about high trading fees.

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Crypto ownership has exploded in 3 years

The number of people in the U.S. who own cryptocurrencies tripled from 2018 to 2021: from about 8% to nearly 24%. Nexo is one of the largest platforms for crypto investors, which excels in fast and cheap transactions.

The renowned exchange also emphasizes security and uses the insured custody services of BitGo, Bakkt and Fidelity Digital Assets for this purpose.

Fantom CEO Michael Kong commented: “For both retail and corporate clients, Nexo plays an important role in bridging the worlds of banking and cryptocurrencies. But they have also managed to outperform banks in terms of customer support and services thanks to their innovations. We are excited to work with them and form a community.”

A variety of trading options with FTM

Nexo users will have a number of options for what they can do with the FTM coin. These include the ability to borrow Fantom starting at 0% APR, but also to lend the coins at up to 18% APR. In addition, people will be able to buy Fantom and exchange it for other cryptos.

Elitsa Taskova, Product Owner at Nexo, added: “Fantom has now surpassed Binance Smart Chain in overall value. We are now excited to offer our users access to unrivaled financial services for FTM. This is just the latest in a series of rapid listings that have made the Nexo platform one of the most efficient gateways to the DeFi ecosystem.”

Fantom ecosystem experiences strong growth

Fantom’s listing on Nexo coincides with unprecedented growth in the Fantom ecosystem. Fantom has increased its Total Value Locked (TVL) tokens by nearly two-thirds, becoming the third largest blockchain in the DeFi industry. Nexo has also become one of the most popular Layer 1 options thanks to its combination of low transaction costs and near-instantaneous speed of settlements.

The listing on Nexo follows a number of milestones for Fantom, including the recent integration with Shopping.io and the sponsorship of Scuderia Alpha Tauri F1™ and MotoGP rider Fabio Quartararo.

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(Featured image by sergeitokmakov via Pixabay)

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