Dubbed Nexo Prime, the proprietary prime brokerage platform will focus on catering to institutional, corporate, and high-net-worth investors. It aims to provide them with all the tools necessary to trade, borrow, lend, and securely store their digital assets in a single product.
Digital Asset Prime Brokerage Unit
In a press release shared with CryptoPotato, Kalin Metodiev, CFA, Nexo Co-Founder and Managing Partner, revealed that institutional and corporate demand for digital assets has never been greater. The exec also estimated that the market for prime services could potentially scale 10x over the next year.
Yasen Yankov, Vice President of Development, Nexo Prime, commented,
“We’ve carefully built-out and incubated Nexo Prime over the past 18 months with a core client group, and we’re excited to unveil the platform for the rest of the world to see,” said Yasen Yankov, Vice President of Development, Nexo Prime. “We are today, already a trusted partner to leading trading firms, hedge funds, family offices, and OTC desks.”
The new unit seeks to execute large orders seamlessly, with competitive trading fees. Clients will have direct access to the crypto lending platform’s 24/7 OTC desk for high-touch executions of spot and derivatives instruments in addition to other financial needs with respect to trading, borrowing, custody, and lending. Nexo’s Smart Routing System will facilitate cost-effective execution.
Apart from trading, Nexo Prime will also focus on providing custody solutions and has collaborated with industry players like BitGo, Fireblocks, Ledger Vault, and Fidelity Digital Assets. Additionally, it has also scored custodial insurance worth $375 million via Lloyd’s of London and Marsh & Arch. Meanwhile, Nexo Prime’s crypto lending platform is designed to offer clients liquidity on demand for both margin trading and an OTC loan.
Last week, Nexo announced the integration of the much-hyped ApeCoin into its yield program. The company offered up to 12% ROI, depending on the customers’ loyalty tier. It also launched a new fund worth $150 million to invest in Web3-dedicated projects. The initiative – Nexo Ventures – will focus on Web3, DeFi, NFTs, GameFi, metaverse, compliance, payments, and trading infrastructure.
The cryptocurrency lending platform also partnered with Bakkt Holdings in January this year. As part of the deal, the Nasdaq-listed digital asset company will custody a portion of Nexo’s Bitcoin and Ethereum holdings in its regulated custodian Bakkt Warehouse.