Crypto Lender Nexo Launches Digital Asset Brokerage Unit

Crypto lender Nexo launches a digital asset brokerage unit that can cater to the growing demand for cryptocurrencies by corporate, institutional, and high net-worth investors so let’s read more in our latest cryptocurrency news today.

Crypto lender Nexo launches a new brokerage unit that will focus on catering to institutional corporate investors and aims to provide them with the needed tools that are necessary to trade, lend, borrow and store their assets in a single product. In a press release shared recently, the co-founder Kalin Metodiev revealed the institutional demand for digital assets has never been bigger. The executive also estimated that the market for prime services could scale 10x over the next year. The Vice President of Development Yasen Yankov commented:

“We’ve carefully built-out and incubated Nexo Prime over the past 18 months with a core client group, and we’re excited to unveil the platform for the rest of the world to see. We are today, already a trusted partner to leading trading firms, hedge funds, family offices, and OTC desks.”

The new unit seeks to execute bigger orders seamlessly with competitive trading fees and the clients will have direct access to the lending platform and the OTC desk for high-touch executions of spot and derivatives instruments as well other financial questions related to borrowing, trading, lending, and custody. Nexo’s Smart Routing System will facilitate a cost-effective execution. Apart from trading, Nexo Prime will focus on providing custody solutions and even collaborated with major industry players such as Fireblocks, BitGo, and Vault. It also scored custodial insurance worth $375 million via Lloyd’s of London and Marsh and Arch. In the meantime, Prime’s crypto lending platform is designed to offer clients bigger liquidity on demand for both OTC loans and margin trading.

Last week, Nexo announced the integration of ApeCoin into the yield program. The company offered 12% ROI and launched a new fund worth $150 million. The initiative Nexo Ventures will focus on DeFi, NFTs, GameFi, Web3, and metaverse. The crypto lending platform partnered with Bakkt Holdings also and as a part of the deal, the NASDAQ-listed digital asset company will custody of a chunk of Nexo’s Bitcoin and ETH holdings in the regulated Bakkt Warehouse.