Bakkt Holdings, Inc., a trusted digital asset platform that allows users to buy, sell, send and spend a variety of digital assets, entered into a partnership with Nexo (NEXO/USD), the leading regulated digital assets institution and exchange, Invezz learned from a press release.
Bakkt Warehouse, the company’s regulated custodian, will hold cryptocurrency assets within the framework of the partnership, enabling safe and secure storage of Bitcoin (BTC/USD) and Ethereum (ETH/USD).
Enable on-line and off-line asset storage.
Bakkt Warehouse provides online ("hot") as well as offline ("cold") storage of digital goods. Rebalancing of bakkt between cold and hot storage levels to reduce their associated risks. The hot and cold bakkt portfolios operate on a portfolio architecture with multi-zone physical security, including bank-grade vaults, to guarantee users additional layers of protection.
Dan O'Prey, Product Manager, Crypto in Bakkt commented:
The cryptocurrency market continues to expand at a steady pace, leading well-known crypto companies to diversify asset retention. We are happy that nexo has chosen the bakkt warehouse as their trusted solution. As we deepen our partnerships with businesses and expand our network of operations and revenues, secure custody remains an important pillar of bakkt's strategy, take advantage of state-of-the-art physical security and cybersecurity, technology and institutional quality governance, and secured by insurance.
George Manolov, Nexo's Business Development Executive added:
As a global digital asset institution, Nexo recognizes the need for a trusted partner to bring an additional layer of security and credibility to its 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 growing volume of retail transactions.
About Bakkt
Bakkt Trust Company LLC, a restricted trust company, is regulated by the New York Department of Financial Services. Bakkt marketplace, llc is registered as a money services business with fincen and has a bi-license through the New York Department of Financial Services.
About Nexo
Nexo is a platform offering tax-efficient Instant Crypto Credit Lines™, a high-yield Earn Crypto Interest suite, an instant Exchange service, and sophisticated trading and OTC capabilities, all while providing the top-tier custodial insurance and military-grade security of the Nexo Wallet. Nexo handled $75 billion for 3,000,000 users in more than 200 territories.
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