Crypto lender Nexo will now get price data from Chainlink

The Chainlink partnerships keep piling up.

Nexo, the regulated digital asset-backed credit line service, announced today a new partnership with Chainlink, the leading decentralized oracle network to improve security and boost the reliability of pricing data on the platform. It’s another win for Chainlink, quickly becoming one of crypto’s most widely utilized sources of truth and an essential part of the broader DeFi ecosystem.

Nexo secures more than $600 million in user funds, providing loans in USD and dozens of other local currencies backed by digital assets. Nexo will leverage Chainlink price feeds to ensure borrowers have enough collateral to secure their loans, as well as to audit lending and borrowing activity on the platform. The integration will also provide a transparent record of exchange rates when users choose to repay loans in a different currency from what they originally received. 

“Nexo’s mission is to bridge the gap between digital and traditional finance, and our developing partnership with Chainlink brings us a step closer to achieving this,” Nexo co-founder and managing partner Antoni Trenchev said.

Chainlink has been a major beneficiary of the rise of DeFi in 2020, being chosen to provide decentralized oracle services to a range of applications, including decentralized VPN Orchid and token swap platform Kyber Network. As a result Chainlink is up more than 200% year to date, marking several new all time highs along the way. 

“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,” Chainlink co-founder Sergey Nazarov said.

“This allows Nexo to provide additional trust and transparency to their large user base.”

Chainlink may also be ahead of the curve when it comes to impacting DeFi products that are being built off the Ethereum blockchain—Polkadot and Tezos, both younger upstarts eyeing the top position currently occupied by Ethereum, have already partnered with Chainlink to bolster their credentials and accelerate adoption among developers and crypto enthusiasts.