Nexo Goes Institutional With Fidelity Partnership
Nexo is partnering with Fidelity to give institutional clients access to digital assets.
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Through the collaboration, Nexo will focus on offering custodial and lending services to the institutional market.
Nexo Announces Institutional Move
Institutions are increasingly looking to join the digital assets space, and Nexo is about to make it easier for them to dive in.
The firm announced a collaboration with Fidelity Digital Assets Tuesday, offering institutional clients access to custodial and lending services. Partnering with Fidelity will strengthen Nexo’s current security infrastructure and allow the firm to offer a range of products aimed at institutions. Nexo will also expand its portfolio of assets under management as part of the partnership.
Nexo co-founder and managing partner Kalin Metodiev said of the partnership:
“Working with Fidelity Digital Assets is the latest milestone in our quest to offer a complete institutional platform and to onboard traditional finance companies into the digital asset ecosystem. 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.”
Christopher Tyrer, Head of Fidelity Digital Assets, Europe, added that he’d seen growing demand for cryptocurrency exposure from institutional clients. He said:
“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.”
The cryptocurrency space has increasingly attracted the interest of institutions as the market has exploded this year. As Bitcoin, Ethereum, and other assets have jumped in value, so too has demand from big players looking for exposure to the asset class. The likes of Goldman Sachs, Morgan Stanley, and JPMorgan have all begun offering Bitcoin products to wealthy clients in recent months, while many crypto native firms have also expanded their offerings to cater to the growing market. Through the Fidelity partnership, Nexo will be looking to cash in on the boom.
Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies.
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