Bakkt Jumps On Crypto Custody Deal With Nexo -Breaking
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Sam Boughedda
Investing.com — Digital asset platform Bakkt Holdings Inc (NYSE:) saw its shares jump 2.2% Wednesday after it announced a partnership with Nexo, a cryptocurrency-backed loan platform.
Bakkt Warehouse will be Bakkt’s custodian. This allows safe and secure storage for Bitcoin and other cryptocurrency. Nexo will store its Ethereum and customers’ Bitcoins in Bakkt’s Warehouse.
Bakkt Warehouse is an online and offline digital asset storage that was created in 2019.
“We recognised that Bakkt’s crypto-regulation-first approach and infrastructure was a good fit, and we are confident that this partnership can benefit all of our clients. It will also expand Nexo’s capacity to serve the unprecedented institutional demand and individuals’ increasing transaction volumes.” said George Manolov (Business Development Executive at Nexo).
Bakkt saw its share price reach $6.03, according to the news. But, some of the initial gains have since been lost.
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