Crypto lending firm Nexo will be teaming up with Fidelity Digital Assets to offer products to institutional investors, in addition to providing infrastructure.
Nexo’s products and crypto prime brokerage will be made available to institutional investors that use Fidelity as their custodian, bridging the gap between Nexo’s lending products and Fidelity’s asset protection businesses.
On the one hand, what brought Nexo and Fidelity Digital Assets together was that we felt the pressing need to directly address institutional investors’ challenge of safely storing digital assets, which has historically limited the large players from entering the space.
On 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.
Kalin Metodiev, Co-founder and managing partner at Nexo
Nexo has so far processed more than $50 billion in transactions, serving over 2.5 million users all over the world.
As for Fidelity, the company has been expanding its digital assets team in order to meet the growing institutional demand for crypto assets. The team will be focused on developing new products and expand into other cryptocurrencies. Fidelity president Tom Jessop stated that they have seen more interest in Ether, which is why they want to be ahead of that demand.
