The cryptocurrency lending platform Nexo joined forces with the digital asset company Bakkt which will custody a portion of Nexo’s crypto
Partnership
Bakkt Holdings Inc announced a collaboration with Nexo, a cryptocurrency-backed lending platform, to store crypto assets in the Bakkt warehouse. Nexo will utilize Bakkt’s Warehouse to protect its clients’ Bitcoin and Ether balances as part of the agreement. Bakkt is a registered custodian that provides for secure and safe Bitcoin and Ethereum storage.
Bakkt Holdings, Inc. (BKKT) shares are up more than 4% this morning after the digital asset platform announced a collaboration with Nexo. Nexo is a digital asset institution, to store Bitcoin and Ethereum in the Bakkt Warehouse. Nexo project is one of the most well-known regulated digital asset organizations in the crypto market. The company’s Instant Crypto Credit Lines, a high-yield crypto-earning suite, as well as other services like its Instant Exchange, help to maximize the value and usage of crypto. Nexo’s Nexo Wallet also offers custodial insurance and military-grade security.
Nexo has concurrent agreements with Fidelity Digital Assets, BitGo, Ledger, and Fireblocks, among others, strengthening its position in the crypto lending market with the industry’s first real-time audit completed by Armanino, a major accounting, consulting, and technology organization. Nexo has serviced over 3 million consumers and completed over $75 billion in transactions to date.
Quotes
George Manolov, Business Development Executive at Nexo, said: “As a global digital asset institution, Nexo acknowledges the need for a trusted partner to bring an extra level of security and credibility to our clients’ cryptocurrencies. We recognized that Bakkt’s infrastructure and regulation-first approach to crypto was a natural fit and we’re confident that this partnership will benefit all our clients and expand Nexo’s ability to service the unprecedented institutional demand for cryptocurrencies as well as individuals’ growing transaction volumes.”
Dan O’Prey, Chief Product Officer, Crypto at Bakkt, added: “The cryptocurrency market continues to expand at a robust pace, leading reputable crypto companies to diversify custody of assets. We are pleased that Nexo has chosen the Bakkt Warehouse as a trusted solution. As we build upon our partnerships with businesses and expand our network of operations and revenue, secure custody continues to be a pillar of Bakkt’s strategy, leveraging state-of-the-art physical and cyber security, institutional grade technology and governance, and backed by insurance.”
