Bakkt Jumps on Crypto Custody Deal With Nexo By

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By Sam Boughedda — Digital asset platform Bakkt Holdings Inc (NYSE:) saw its shares jump 2.2% on Wednesday after announcing a partnership with Nexo, a cryptocurrency-backed lending platform.

The deal will see Bakkt keep the cryptocurrency assets in the Bakkt Warehouse, its regulated custodian, which provides safe and secure storage of Bitcoin and . Nexo will use Bakkt’s warehouse to securely store its customers and Ethereum.

The Bakkt Warehouse was established in 2019 and contains both online and offline digital asset storage.

“We recognized that Bakkt’s infrastructure and regulatory approach to crypto was a natural fit and we are confident that this partnership will benefit all of our customers and expand Nexo’s ability to meet unprecedented institutional demand for crypto. -currencies as well as growing retail transaction volumes,” said George Manolov, Head of Business Development at Nexo.

Bakkt’s share price hit a high of $6.03 on the news. However, he has since given up some of those initial gains.

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