Nexo, a crypto custodian with more than $4 billion assets under management, has partnered with Ledger, the largest hardware wallet provider to secure their funds.
To be more exact, Nexo will be using Nexo the company’s “institutional-grade” security system, Ledger Vault. Nexo tweeted the following to announce the partnership:
“We’re proud to announce our partnership with @Ledger . With our joint efforts, your assets will be more secure than ever.”
What Is Nexo?
Nexo is a digital asset services company and an asset manager with $4 billion in crypto. It also functions as a lender and a debit card provider. Nexo gives digital asset holders the best of both worlds – instant access to cash and retaining ownership of their assets. Users can take a fiat or crypto loan from them in exchange for crypto collateral. Its native token NEXO is the 59th biggest coin in the market with >$1.6 billion marketcap.
Given their huge holdings, security takes precedence. As per Chainalysis and CipherTrace, in 2020, threat actors used innovative attack methods to hack up to $10 billion in crypto. As such, robust cybersecurity is necessary. As Nexo co-founder Antoni Trenchev put it, the goal should be to bring “greater peace of mind to our clients.”
“The digital assets space is maturing and with this the skills of malicious actors are becoming more sophisticated.”
What Is Ledger?
Ledger was launched in 2014 by people with backgrounds in embedded security, cryptocurrencies, and entrepreneurship. They aim to create secure solutions for blockchain applications. They have over 130 employees in Paris, Vierzon, and San Francisco. Their goal, as described on the website, is to “secure the new disruptive class of crypto assets: Financial assets like cryptocurrencies or Initial Coin Offerings (ICOs), Data assets like sensors, Internet of Things (IoT) devices or machine to machine, and Digital identities like second-factor authentication or passwordless login.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.