IOHK Secures Cardano Partnership With Nexo And Orion
Ahead of its upcoming Alonzo upgrade, Cardano has announced a series of new partnerships, this time with lending platform Nexo and the Orion Protocol.
Cardano’s collaborations are the latest in a series of strategic moves made by its backing company, Input Output Hong Kong. Over the past few months, IOHK has been focused on expanding Cardano's reach with several milestone partnerships, including a significant collaboration with the Ethiopian Ministry of Education in creating a blockchain monitoring system for student performances in the country.
IOHK has also worked with Tanzania in the recent past, employing the Cardano blockchain to create scalable digital identity systems and to implement quality mobile internet connections.
IOHK's recent decisions are becoming increasingly geared toward the impending completion of Cardano's 3-phase Alonzo upgrade, which is expected to come by the end of August this year.
Cardano's Growing Expansion
Cardano’s new partnership also follows a recent agreement with Nervos, a public blockchain in China. Nervos offers a cross-chain bridge for Cardano amidst other services; a different proposition to the perks offered by Nexo and Orion Protocol.
IOHK’s merger with Nexo will see to the integration of the Cardano token (ADA) into Nexo’s lending platform. Users of the Nexo platform will be able to purchase and sell ADA, and will also be able to earn up to 8% interest and borrow against ADA from 6.79%. Cardano’s recent partnerships have also been deliberate about interoperability, which is not a surprise, especially as its highly publicized Alonzo upgrade is meant to facilitate cross-chain interaction between existing competitive blockchains.
“Interoperability is essential to further mainstream adoption of blockchain and cryptocurrency,” Romain Pellerin, CTO of IOHK said. “O_ur partnership with Nexo is another step towards that journey”_
Pellerin also noted that its partnership with Nexo and DeFi liquidity aggregator, Orion Protocol, was a strategic decision to bring even more options and fluidity to ADA.
Late May, Cardano began to roll out test phases for the highly anticipated Alonzo hard fork. Alonzo, which is set to integrate myriads of other features alongside the ability to implement smart contracts, remains Cardano’s first strategic decision to interoperability.
When asked about Ethereum’s threat to the Cardano blockchain, Cardano founder Charles Hoskinson revealed he was more concerned about cross-chain interaction than competition.
“I don’t see it like that,” he said. “Scalability, Interoperability, and Sustainability” are what he believes sets the blockchain sector on its way to mass adoption.
Cardano's crypto ADA is presently considered the fifth-largest cryptocurrency globally with a market capitalization of $45.4 billion.
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