- Nexo boosted its security and insurance coverage up to $375M by partnering with Ledger Vault.
- Ledger Vault offers SaaS services that allow Nexo to diversify its custodial system.
- Nexo currently has over $4 billion in assets under management.
Nexo, a lending site which manages $4 billion in assets, recently upgraded its security and insurance. Policy cover for Nexo just went up by $150 million after the lender engaged Ledger Vault’s custodial services.
Prior to this, Nexo already had $225M in policy cover. Now, the new deal raises that to $375M. This is a step in boosting Nexo insurance to $1 billion by the end of the year as per reports.
Nexo Co-Founder and Managing Partner Antoni Trenchev said,
“The Ledger Vault integration is yet another crucial step in creating a robust, impenetrable security environment for our clients.”
Nexo users have praised the upgrade. One Twitter user @FlareAtLasNet replied, “Great stuff, you’re making great progress on becoming the next generation of banks!”
As of now, Nexo offers interests on 17 cryptocurrency deposits. While it also allows users to borrow fiat against their crypto deposits. It also has a credit that offers 2% cashback on payments in BTC or Nexo, the platform token.
Ledger Vault offers a Software as a Solution (SaaS) cloud-based custody system. The SaaS allows users to safely manage their crypto assets using a multi-authorization system. The Vault’s ease of access, cold storage freedom and multiple signature tech made it the idle custodial solution for Nexo. On the other hand, Nexo is a fast site that is able to quickly execute requests while being flexible and user-friendly. As such, the digital lender needed an equally robust partner to help it diversify its custodial system.