Nexo Tapped Bakkt as its Cryptocurrency Custodian Partner

The cryptocurrency lending platform – Nexo – joined forces with the Nasdaq-listed digital asset firm – Bakkt Holdings. As a consequence, the latter will custody a portion of Nexo’s Bitcoin and Ethereum holdings within the Bakkt Warehouse.

Bakkt’s Newest Partnership

The Bakkt Warehouse contains each on-line (“warm”) and offline (“cold”) digital asset storage. The firm balances between the 2 tiers to attenuate dangers related to cryptocurrency custody providers.

In a latest announcement, Nexo raised hopes that this mannequin might deliver an enhanced funding protect for its customers. The “warm” and “cold” wallets are constructed on safe pockets structure, together with multi-zone bodily safety, the entity knowledgeable. However, Nexo didn’t disclose what quantity of the shoppers’ Bitcoin and Ethereum funds will retailer within the Bakkt Warehouse.

George Manolov – Business Development Executive at Nexo – acknowledged {that a} international digital asset establishment, resembling his agency – wants a trusted associate to ensure an additional degree of buyer safety.

“We recognized that Bakkt’s infrastructure and regulation-first approach to crypto was a natural fit,” he added.

In flip, Dan O’Prey – Chief Product Officer at Bakkt – opined that such custody initiatives consequence from the speedy enlargement of the cryptocurrency trade.

“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,” the exec concluded.

Bakkt to Provide Crypto Services to Manasquan Bank Clients

Nearly a month in the past, the corporate inked a cope with the New Jersey-based Manasquan Bank to allow crypto providers for the latter’s prospects. Specifically, they’d have the ability to purchase, promote, and maintain digital property. The undertaking is anticipated to see the sunshine of day in Q2 2022.

James Vaccaro – President and CEO of the American financial institution – mentioned his entity focuses on introducing new options to shoppers, by way of which they’ll be part of the digital monetary world. He acknowledged that the collaboration with Bakkt comes at a time when customers have been looking for alternatives to hop on the cryptocurrency bandwagon.

Prior to that, the corporate expanded its digital asset cost choices by teaming up with Google. The collaboration allowed people so as to add their Bakkt Visa Debit Cards and make crypto transactions wherever Google Pay is accepted.