Bakkt Partners With Nexo To Enhance Secure Custody of Crypto Assets
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Bakkt Holdings, Inc. recently closed a partnership deal with the leading regulated digital asset institution Nexo, which will see Bakkt custody Nexo’s cryptocurrency assets including Bitcoin and Ethereum, in its warehouse.
Bakkt is a trusted platform where clients can buy, sell, send and spend a variety of digital assets. Companies and individuals can also store their digital assets with the assurance of safe and secure storage.
To ensure the safety of the assets, the Bakkt Warehouse comprises both online and offline storage. Due to the risks involved in storing assets online, like hacking, the company claims to stabilize between online and offline storage to reduce those risks.
Bakkt also claimed to provide extra layers of protection to the assets of Nexo’s clients that the company entrusted to them by ensuring that warm and cold wallets where assets are stored are built on secure wallet architecture along with multi-zone physical security, like the vaults used in banks.
Assured that the Bakkt warehouse is a safe and secure place to store digital assets, George Manolov, Business Development Executive at Nexo commented that the partnership deal with the company will benefit its customers and help Nexo to meet the cryptocurrency demands of both individuals and institutions.
Regarding the merger between the two parties, Dan O’Prey, Chief Product Officer, Crypto at Bakkt said,
“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.”
He continued,
“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.”
In a related development where Bakkt seeks to provide secure storage for crypto assets, the company launched its mobile app where users can store their crypto holdings and make payments for goods across selected merchants. Not only that, the app enables users to convert the reward points they have gained to bitcoin (BTC).
Cryptocurrency
