Nexo Taps Bakkt for Crypto Services

On January 19, Bakkt Holdings Inc announced a partnership with Nexo, a cryptocurrency-backed loan platform, to custody crypto assets in the Bakkt warehouse. The partnership will see Nexo using Bakkt’s Warehouse to safeguard its customers’ Bitcoin and Ether holdings. Bakkt warehouse is a regulated custodian, which allows for secure and safe storage of Bitcoin and Ethereum.

Dan O’Prey, the Chief Product Officer, Crypto at Bakkt, stated: “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.”

Meanwhile, George Manolov, Business Development Executive at Nexo, also commented: “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.”