Crypto.com and the VerifiedX (VFX) Network (VerifiedX.io), the people’s network and a global enabler of self-custody and Web3 wallet infrastructure, announced that Crypto.com will now offer VerifiedX secure custody and liquidity support for “$1.5 billion in assets,” as well as OTC trading capabilities.
Via the collab, eligible or qualified institutions using VerifiedX can now store, manage, and transact digital currencies using Crypto.com’s custody platform.
Crypto.com’s custody service offers multi-user permissions, customizable governance workflows, and insured custody solutions, meeting demand for compliant blockchain infrastructure.
Eric Anziani, President and COO of Crypto.com said that they are pleased to be selected by VerifiedX, a key player “in self-custody and digital asset wallet capabilities, to further enhance an established custody offering for all client needs.”
The VerifiedX Foundation said that as the people’s network, the mission is clear – to make custody accessible. Working closely with Crypto.com significantly elevates that “ethos with custody and liquidity infrastructure.”
By incorporating Crypto.com’s regulated custody and OTC trading capabilities, the network “reinforces its commitment to providing users and institutions the path to interact with digital assets across the VFX ecosystem.”
This partnership advances a “global infrastructure with liquidity and custody options, supporting a generation of builders and users for payments, savings, commerce, and utility on the VerifiedX network.”
This is the latest initiative between Crypto.com and VerifiedX, following their initial partnership “to integrate Crypto.com Pay, Crypto.com’s payment solution, and on-ramp services into VerifiedX’s Switchblade Wallets to deliver a scalable experience for users and developers.”
Crypto.com Custody provides custody services to institutions and high-net-worth clients through an end-to-end solution with “safety and security at its core.”
Established back in 2016, Crypto.com is used by people worldwide and is the industry participant claiming to be focused on ensuring “regulatory compliance, security and privacy.”
As noted in the update, VFX (VerifiedX.IO) is the “people’s network.”
VFX is the “open-source decentralized network that is both a universal layer 1 and a Bitcoin specific sidechain / reliever chain, for the purpose of tokenized self-custody, on-chain storage, and peer-to-peer commerce of digital & physical assets.”
The network’s native coin (VFX) can be accessed in-wallet, and enables minting of Verified Bitcoin Tokens (vBTC) with a “1:1 evergreen self-custodial peg coupled with smart contract utility and full asset recovery features for funds.”
Offering in-wallet and self-custodial options for everyday users to plan, transact, save, spend, borrow, and vault Bitcoin, VFX funds, and digital assets are said to be the “cornerstone” of the VerifiedX ethos.
As the so-called “universal” layer 1 and Bitcoin reliever chain, the network reportedly reduces costs of ownership for users and integrators and provides layers of security and self-custodial empowerment.