Fidelity and Nexo seek to boost institutional crypto access

The two firms are creating “a comprehensive product suite for institutional investors”

Fidelity Investments HQ, Denver                                 
The Fidelity-Nexo deal will give institutions better access to crypto assets – Photo: Alamy

Crypto exchange Nexo has partnered with Fidelity Digital Assets, the crypto wing of multinational financial services company Fidelity Investments, to “revolutionise” institutional access to digital assets by offering crypto custodial and lending services for institutional investors.

The two firms will create “a comprehensive product suite and compliant infrastructure for institutional investors seeking exposure to digital assets”.

This collaboration, they say, will expand Nexo’s ability to serve and enhance its “growing portfolio of assets under management” as well as providing an extra custody layer to Nexo’s security infrastructure.

Tri-party structures  

The partnership gives institutional investors who custody their cryptos with Fidelity Digital Assets access to Nexo’s products and crypto prime brokerage.

This means institutional clients can now “enjoy tri-party structures” that combine Nexo with Fidelity Digital Assets.

Institutional interest growing

Kalin Metodiev, co-founder and managing partner of Nexo, said: “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,” Metodiev continued.

Christopher Tyrer, head of Fidelity Digital Assets Europe, said: “Along with Nexo, we recognise the opportunity to deliver a more robust and seamless experience for investors through collaborations like this. 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.

“We’re thrilled that our best-in-class operational controls and security expertise will be extended to the assets of Nexo’s customers, while the ability for Fidelity Digital Asset’s clients to access Nexo’s lending solutions will help us deliver a richer experience to meet our clients’ evolving needs.”

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