Cryptocurrency lender Nexo will work with Fidelity Digital Assets to provide products to and infrastructure for institutional investors, Nexo announced Tuesday.
Institutional investors who use Fidelity as their custodian will have access to Nexoâ€™s products and crypto prime brokerage under one umbrella. That will bridge the gap between Nexoâ€™s lending products and Fidelityâ€™s asset protection businesses, the firms said in a press release.
â€œOn the one hand, what brought Nexo and Fidelity Digital Assets together was that we felt the pressing need to directly address institutional investorsâ€™ challenge of safely storing digital assets, which has historically limited the large players from entering the space,â€ Kalin Metodiev, co-founder and managing partner at Nexo, told CoinDesk. â€œOn the other, we saw the once-in-a-lifetime opportunity to introduce services that simply do not exist to this day, and this is precisely what we plan on doing through our collaboration.â€
London-based Nexo has processed over $50 billion in transactions for more than 2.5 million users worldwide. Meanwhile, Fidelity has been expanding its digital assets team as institutional demand for crypto assets continues to grow.
Read more: Fidelity Launches Canadaâ€™s First Institutional Bitcoin Custody Service