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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).
Enabling online and offline asset storage
Bakkt Warehouse offers online (“warm”) as well as offline (“cold”) storage of digital assets. Bakkt rebalances between cold and warm storage tiers to reduce the risks associated with the latter. Bakkt’s warm and cold wallets run on wallet architecture featuring multi-zone physical security, including bank-grade vaults, to guarantee Nexo user assets additional layers of protection.
Dan O’Prey, Chief Product Officer, Crypto at Bakkt commented:
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.
George Manolov, Business Development Executive at Nexo added:
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.
About Bakkt
Bakkt Trust Company LLC, a limited purpose trust company, is regulated by the New York Department of Financial Services. Bakkt Marketplace, LLC is registered as a Money Service Business with FinCEN and has a BitLicense 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 has processed $75+ billion for 3,000,000+ users across more than 200 jurisdictions.
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