Nexo and Fidelity Will Offer Products for Institutions

by in Cryptocurrency News

Fidelity Nexo partnership

Digital currency loan service Nexo collaborates with enterprise-grade crypto custody Fidelity Digital Assets (FDAS) to enable large entities access crypto services. Per the release published by Nexo on December 7, the companies will introduce first-class financial operations and institutional-centered products.

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FDAS will manage security and custody, while Nexo will provide crypto-collateralized loans. As the announcement states, the initial step suggests expanding Nexo's services and adding more assets to the platform's system.

Along with this, the security framework of Nexo will have another layer for custody. Presently, Nexo offers users over 20 collateral options and over 40 currencies and stablecoins to borrow in. Launched in 2018, the protocol is among the top digital assets services. Nexo has its native ERC20 token, through which users access benefits, such as fee discounts.

Talking about the news, head of FDAS in Europe, Christopher Tyrer said that the step opens up the opportunity to deliver users enhanced operations. The executive pointed out the increasing interest in the industry. Nexo’s co-founder Kalin Metodiev said that the cooperation is another achievement for the company on its way to provide a venue for large companies and increase the presence of conventional finance entities into the digital asset environment.

Top banks in various countries are interested in offering their customers crypto services and products. Among them are Goldman Sachs, JP Morgan, Morgan Stanley and others.