Nexo partners with Ledger the crypto wallet provider and it says that the Vault product will shore up the security for current systems. The crypto lender said that Ledger’s Vault product will boost the security and will help it keep ahead of the sophisticated malicious actors so let’s read more in today’s Nexo news.
The new infrastructure will be created in an addition to a company that has $4 billion in assets under management. Nexo partners with Ledger to add more security infrastructure details. Ledger is best known for its hardware wallets or the physical crypto storage devices which are not connected to the internet and now, Nexo will be using the company’s institutional-grade security system.
Nexo is a digital asset service company that is quite broad. Nexo is an asset manager that looks after $4 billion in crypto but it is also a lender for crypto debit card providers. The loan works similar to those at BlockFi or Celsius that offer customers fiat or coins in exchange for crypto collateral. It also issues a native token which is priced at $1.70 making it the 58th largest crypto by market cap. Given the holdings, the investment makes sense since, in 2020, crypto criminals came up with new modes of theft and fraud as per the Chainalysis reports and ChiperTrace. More than $10 billion In crypto was traced to criminals as per the reports. Nexo co-founder Antoni Trenchev said:
“The digital assets space is maturing and with this the skills of malicious actors are becoming more sophisticated.”
As reported in the past, Nexo launched services such as an internal exchange but also considers launching prime brokerage and commercial banking services. Nexo also aims to become a “full-fledged bank” according to co-founder Antoni Trenchev. The new internal exchange will enable its users to exchange between different assets from their own wallets as well as giving them the opportunity to change the collateral. Another business idea is a Nexo Mastercard which will be limited to Europe initially, according to Trenchev.
And what a milestone that is! https://t.co/T5DFudVgcK
— Antoni Trenchev (@AntoniNexo) February 2, 2021
The company crossed the 1 million thresholds for registered users and there are thousands more that interact with the platform on a daily basis. Though he was not able to share the numbers, about half of the people are earning on fiat currencies while others are earning on their crypto. The company also processed more than $3 billion in 200 jurisdictions.
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