Fidelity Digital Assets — the crypto wing of Fidelity Investments — and crypto borrowing and exchange platform Nexo have announced a partnership to offer crypto custodial services, products and lending services for institutional investors.
The two firms will create a comprehensive product line and legal infrastructure for institutional investors looking to get exposure to cryptocurrencies.
The partnership with Fidelity Digital Assets will allow Nexo to extend its asset portfolio and add a second custody level to its security architecture, according to an announcement. It also enables Fidelity Digital Assets institutional investors access to Nexo’s services as well as crypto prime brokerage.
Kalin Metodiev, co-founder and managing partner at Nexo, commented on the development saying:
“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.”
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Christopher Tyrer, head of Fidelity Digital Assets in Europe, said that the firm has seen significant growth in institutional investor interest on the continent, and has expanded its partnerships in order to meet that demand.
Fidelity Investments has been ambitious in its plans for the institutional cryptocurrency market, making a number of strategic hires in the space. The company appears to be taking a more holistic approach to cryptocurrency, as the asset manager seeks to provide more institutional access points.
Source: https://cointelegraph.com/news/fidelity-and-nexo-are-entering-institutional-lending-market
