Many CeFi, or CeDeFi, applications are limited to only allowing deposits from selected chains. Now, with the Cross-Chain Bridge, they immediately become multi-chain for deposits!
NEXO, being a popular tool, is just one of these applications that can now enjoy the benefits of utilizing the Cross-Chain bridge.
What is NEXO?
Nexo is a lending & borrowing CeFi application through which users can earn attractive APYs by lending their tokens. Users can even spend crypto without selling it with the newly launched Nexo Credit Card. Current Assets under Management are above $12b, according to nexo.io.
Depositing into NEXO
Until recently, Nexo only supported deposits on Ethereum Mainnet. On March 30, Nexo announced they would allow USDC and USDT deposits on Polygon. Since then, users can choose between Ethereum and Polygon in the deposit or top-up process and get their unique personal deposit addresses.
Making NEXO multi-chain
Polygon is a good option to benefit from lower transaction fees/cost of depositing, but what if you don’t have USDC or USDT on Polygon or don’t want to use Ethereum Mainnet? Cross-Chain Bridge is the solution!
If you have USDC or USDT on Fantom, Avalanche, or BNB Smart-Chain, you can use the Cross-Chain Bridge and bridge your USDC or USDT from your wallet to your personal NEXO Polygon deposit address. Just change the “Recipient” address to your NEXO address, do the bridging and claim with your Web3 MetaMask wallet. The funds will arrive in NEXO shortly afterwards.
About Cross-Chain Bridge
Cross-Chain Bridge is a permissionless, security-focused, and (in the future) community-governed bridging protocol to connect an increasing number of blockchains and, eventually, all major blockchains. The protocol incentivizes providing liquidity for both projects and end-users and supplying a seamless bridging experience for tokens and NFTs — by bringing fee participation, yield farming, self-listings for projects, and building other innovative features into the world of bridges. Cross-Chain Bridge provides a bridge between Ethereum, Polygon, Binance Smart Chain (BSC), Avalanche, and Fantom, with many more blockchains to be added in the future.