Nexo Taps Bakkt to Custody Customers’ Ether and Bitcoin

A portion of Nexo’s digital assets are to be held in the Bakkt Warehouse, the company’s custody platform

article-image

Vintage safety deposit box and key. Credit Shutterstock

share
  • Nexo will use Bakkt’s Warehouse to safeguard its user’s crypto
  • The custodian joins Nexo’s growing list including BitGo and Fidelity Digital Assets

Cryptocurrency loans, lending and exchange platform Nexo has tapped Bakkt’s custodial services to safeguard its customer’s ether and bitcoin holdings.

The digital assets are to be held in the Bakkt Warehouse, the company’s custody platform, according to a statement on Wednesday. Bakkt was founded by the Intercontinental Exchange, the parent company of the New York Stock Exchange.

Bakkt said its warehouse comprises both online (warm) and offline (cold), “air-gapped” digital asset storage and acts to rebalance between warm and cold storage tiers to minimize the risks associated with holding assets online.

“We recognized that Bakkt’s infrastructure and regulation-first approach to crypto was a natural fit,” said George Manolov, Nexo’s business development executive. “We’re confident that this partnership will benefit all our clients and expand Nexo’s ability to service the unprecedented institutional demand for cryptocurrencies.”

According to data by provider Blockdata, 8-10% of all crypto, roughly $250 billion out of $2.1 trillion are now held by compliant custodians.

Crypto exchanges including Nexo, Bitstamp and Crypto.com rely heavily on third-party custodians to safeguard their user’s digital assets. Hedge funds, institutional investors and corporates trading or investing in millions also use custodians in order to offset the risk associated with storing large amounts of crypto, as they are typically insured by the provider.

Nexo already relies on Galaxy Digital’s BitGo for custodial services as well as Fidelity Digital Assets, which partnered with Nexo in December to develop compliant infrastructure for institutional investors seeking exposure to crypto.

“The cryptocurrency market continues to expand at a robust pace leading reputable crypto companies to diversify custody of assets,” said Dan O’Prey, Chief Product Officer of Crypto at Bakkt in the statement. “We are pleased that Nexo has chosen the Bakkt Warehouse as a trusted solution.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Monad SR Report Graphic.png

Research

Monad is a new Layer 1 blockchain designed as a high performance, EVM-compatible platform.

article-image

Engineers from MetaMask, Coinbase, Google, and the Ethereum Foundation make the case for onchain AI agents via ERC-8004

article-image

Legacy payments firm partners with Anchorage Digital to issue a dollar-pegged token under new US stablecoin law

by Blockworks /
article-image

As Solana ETFs launch but network REV trends lower, Jito sits at the intersection of new capital inflows and microstructure improvements

article-image

The Truth Social parent will integrate Crypto.com Derivatives North America, allowing users to trade prediction contracts under federal oversight

by Blockworks /
article-image

Partnership surpasses $2 billion in staked assets and adds support for new Proof-of-Stake networks

by Blockworks /
article-image

The tokenization leader will merge with Cantor Equity Partners II, becoming the first public firm focused on securities tokenization

by Blockworks /