Bakkt Holdings, Inc. (NYSE: BKKT), a digital asset platform, has partnered with Nexo, a regulated digital assets institution. The partnership will see Bakkt providing custody for cryptocurrency assets such as Bitcoin and Ethereum in the Bakkt Warehouse, its regulated custodian.
The Bakkt Warehouse is a combination of cold and warm (offline and online) digital asset storage solutions that have been customized for security through air-gapped methods implemented through secure wallet architecture. Nexo will join Bakkt’s clientele, which includes crypto firms such as Crypto.com, Galaxy Digital, and Celsius Network, among others.
“As a global digital assets institution, Nexo acknowledges the need for a trusted partner to bring an extra level of security and credibility to our clients’ cryptocurrencies,” shares George Manolov, Business Development Executive at Nexo.
Bakkt helps its clients to minimize risks associated with storing on-chain assets by working to regularly rebalance these assets between its warm and cold digital asset storage facilities.
Launched in 2018, Bakkt’s custodial services is a major component of its suite of “Assets as a Service'' products, which it serves through its digital asset platform, providing services for both the consumer space (crypto rewards, trading, and payments) and businesses alike through its mobile app and API integrations.
In March 2021, Bakkt was able to secure a $300 million Series B raise. Google Pay, which recently announced that it is reorganizing its consumer financial services strategy, also recently partnered with Bakkt to enable crypto payments through Bakkt’s digital card service.
“We recognised 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.” said Manolov.
Nexo ranks as one of the crypto industry’s leading regulated digital assets institutions. The firm offers maximization for crypto’s value and utility through its Instant Crypto Credit Lines, a high-yield crypto-earning suite, alongside other services such as its Instant Exchange. Nexo also provides custodial insurance and military-grade security through its Nexo Wallet.
Nexo has concurrent partnerships with Fidelity Digital Assets, BitGo, Ledger, and Fireblocks, among others, deepening its presence in the crypto space’s crypto lending sector with the industry’s first real-time audit performed by Armanino, a leading accounting, consulting and technology firm. To date, Nexo has served over 3 million users through over $75 billion worth of processed transactions.
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.