Nexo, a crypto lending platform and exchange, says that assets under management have “surged” to more than $4 billion. The comments may come as no surprise as Bitcoin has rocketed to new highs as Tesla announced it had purchased $1.5 billion in BTC and expectations are for other corporates to follow.
Nexo says that more funds means more responsibility and thus it has partnered with Ledger to improve security and increase insurance while diversifying their “comprehensive custodial infrastructure.”
Ledger is an established security provider for crypto and blockchain-based firms supporting digital assets. Ledger offers both hardware products for consumers as well as cloud based solutions supporting more than 1500 different digital assets.
Nexo says that by incorporating Ledgers solution its insurance will be increased by $150 million through a customized program backed by Arch and Marsh. In total, Nexo reports insurance of $375 million and the company plans to bump this amount up further to over $1 billion in 2021 – something that should reasure its customers.
Nexo’s Co-founder and Managing Partner Antoni Trenchev commented on the partnership with Ledger:
“The Ledger Vault integration is yet another crucial step in creating a robust, impenetrable security environment for our clients. The digital assets space is maturing and with this the skills of malicious actors are becoming more sophisticated. This is why Nexo is always a few steps ahead. By welcoming Vault into our security system, we continue to improve our platform and bring greater peace of mind to our clients.”
Jean-Michel Pailhon, Vice President Business Solutions at Ledger, noted that Ledger Vault holds a spotless record of zero lost or stolen funds.
Since 2018, Nexo says it has processed over $5 billion in 40+ fiat currencies for more than 1,000,000 users across 200 jurisdictions.