Nexo, the institution for digital assets, announced a partnership with Sift, the firm focused on Digital Trust & Safety.
By working with Sift, Nexo will be able to enhance its approach “to fraud prevention, enhancing security measures and ensuring a safer, smoother, quicker, and more reliable experience for the company’s over 6 million users.”
Nexo will utilize Sift’s Payment Protection and Account Defense products, “leveraging their advanced artificial intelligence and machine learning (ML) technology, and real-time intelligence to provide robust protection against a wide array of account and payment fraud challenges.”
Payment Protection will enhance Nexo’s platform “with payment fraud prevention, resulting in faster transaction approvals, and improved protection of customer funds.”
In parallel, Sift’s Account Defense will “secure user accounts by preventing account takeovers, thus accelerating Nexo’s operational efficiency, and reducing losses associated with compromised accounts.”
Nexo also gains access “to Sift’s Global Data Network, its consortium of customers, including dozens of the world’s top crypto exchanges.”
The insights gleaned from the Global Data Network will allow Nexo “to prevent fraud more accurately and quickly, and reduce friction for legitimate users.”
This initiative places Nexo at the forefront of identifying and preventing complex fraud patterns, enhancing “the accuracy and speed of its response, and fostering trust and confidence in the blockchain space.”
Savina Boncheva, Head of Compliance at Nexo, said:
“The synergistic alliance between Sift and Nexo demonstrates our unwavering commitment to a user-centric ethos, harmonized with robust security and anti-fraud protocols. By harnessing Sift’s cutting-edge technology and comprehensive platform for managing digital risk, Nexo is equipped to adeptly prevent fraud while creating a streamlined experience for our users.”
Armen Najarian, Chief Marketing Officer at Sift, said:
“The crypto community is a magnet for organized fraud actors seeking financial gain. By joining Sift’s global data consortium and leveraging our AI-based risk decisioning platform, crypto exchanges like Nexo can greatly reduce fraud and create better experiences for legitimate users. We’re pleased to welcome Nexo to the Sift customer community and look forward to a successful and long-term partnership.”
Nexo is dedicated to continuously improving its security measures, and “raising the bar for the entire industry. The partnership with Sift represents a significant step forward in Nexo’s journey towards a safer, more secure digital environment for its users.”
As covered, Nexo is the digital assets institution.
The company’s mission is “to maximize the value and utility of digital assets by offering a comprehensive suite of products that include advanced trading solutions for retail and institutional clients, aggregation of liquidity from leading venues, and flexible, asset-backed credit lines.”
In 2022, the enterprise launched its investment arm Nexo Ventures, which “now boasts over 60 portfolio companies.”
Nexo has reportedly “processed $130+ billion for 6,000,000+ satisfied users across more than 200 jurisdictions.”