Nexo Selected Bakkt To Be Its Crypto Custodian Partner

Nexo selected Bakkt to be its crypto custodian partner for its Bitcoin and Ethereum users’ holdings so let’s read more today in our latest Nexo news.

The lending platform Nexo selected Bakkt to be its partner and custody a portion of the Bitcoin and Ethereum holdings in the Bakkt Warehouse. The Warehouse comprises both online and offline digital asset storage and the company balances between the two tiers to minimize the risks associated with crypto custody services. In the recent announcement, Nexo raised that this model could bring an enhanced investment shield for the users and the warm and cold wallets are built on the secure wallet architecture along with physical security. Nexo didn’t disclose what proportion of the BTC and ETH funds will store in the Bakkt Warehouse.

George Manolov who is the Business Development Executive at Nexo stated that the glboal digital asset institution needs a trusted partner to guarantee extra levels of customer protection:

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

Dan O’Prey who is the Chief Product Officer at Bakkt opined that these custody initiatives result from a fast expansion of the crypto industry:

“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.”

A month ago, the company inked a deal with the New Jersey-based Mansaquan Bank to enable crypto services for the customers. They are able to buy and sell digital assets with the project being anticiapted to see the light of day in the second quarter of 2022. the President and CEO of the American Bank, James Vaccaro also said that his entity focuses on introducing new features to clients where they can join the digital financial world and stated that the collaboration with bakkt came at a time when the users were seeking other opportunities to join the crypto bandwagon.

Before that, the company expanded its digital asset payment options by teaming up with Google, and the collaboration allowed people to add their Bakkt Visa Debit CArds and to make crypto transactions where Google Pay is accepted.

Source: https://www.dcforecasts.com/nexo-news/nexo-selected-bakkt-to-be-its-crypto-custodian-partner/