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HomeGadgetsNexo Partners Fidelity to Attract, Assist Institutional Crypto Investors

Nexo Partners Fidelity to Attract, Assist Institutional Crypto Investors


US-based crypto lending and saving firm Nexo has partnered New York City-based Fidelity Digital Assets (FDA) to rope in large scale institutional investors to enter the cryptocurrency space. As part of the deal, Nexo will use Fidelity’s asset management infrastructure to expand its service access to institutional investors. Under the deal, the companies will be working on the development of new products like Bitcoin-backed loans. To protect these giant investors, fresh custodial layers will be added to what Nexo claims to be its existing “military grade” security system.

“We’ve seen tremendous growth of interest in digital assets from institutions within the European market and we’re committed to implementing sophisticated solutions to match those available with traditional asset classes,” said Christopher Tyrer, Head of Fidelity Digital Assets, Europe, commenting on the development.

Hefty investors have been showing inclination in the crypto space in recent times.

Recently, a report by the Bank of America (BofA) also acknowledged that cryptocurrencies have become “too large to ignore.”

In the report, BofA said that massive institutional investors poured in $17 billion (roughly 1,27,055 crore) in Decentralised Finance (DeFi) ecosystem in recent years. DeFi systems aim to provide an autonomous and decentralized option for financial services that are otherwise regulated by banks and national or international administration.

Consecutive reports of crypto-related firms being breached however have kept large size investors away from entering the crypto space.

“Our client base will now have full use of our industry-leading credit and trading products with reliance on Fidelity Digital Assets’ bespoke custody and security solutions,” Kalin Metodiev, Co-Founder and Managing Partner at Nexo said.

This partnership comes a few weeks after Nexo announced the launch of a buyback program for NEXO, the native token for the platform for $100 million (roughly Rs. 754 crore).

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]

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