Fantom announces support of native token from Nexo

Blockchain platform Fantom has announced that crypto lending institution Nexo will add support of Fantom’s native mainnet token, FTM.

Alongside the support of Fantom’s native mainnet token, Nexo’s  3+ million users will now have the ability to interact with Fantom’s FTM token, as well benefiting from the platform’s security. 

Elitsa Taskova, Product Owner at Nexo noted:

“With Fantom overtaking Binance Smart Chain  in total value locked, we are happy to offer our users access to unrivalled 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,”

 Fantom CEO, Michael Kong added:

“For both retail users and corporate clients, Nexo plays an essential role in bridging the worlds of banking and crypto. 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.”

A number of unique features have resulted from Fantom’s listing on Nexo 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

Competitors to Ethereum, such as Solana, Avalanche and Fantom provide far quicker transactions at a miniscule percentage of the cost. Notoriously high Ethereum gas fees make other competitors a far more attractive proposal, given a transaction can end up only costing a few cents, and finalised in a few seconds.

Layer-1 blockchains such as Fantom provide the security that is associated with Ethereum, but also carries with it fast transaction speed and low gas fees. Now  the third-largest blockchain in decentralised finance, the highly-scalable Fantom blockchain has overtaken Binance in terms of total value locked. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.