Bakkt Jumps On Crypto Custody Deal With Nexo

By Sam Boughedda — 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.

The deal will see Bakkt custody cryptocurrency assets in the Bakkt Warehouse, its regulated custodian, which allows for safe and secure storage of Bitcoin and . Nexo will use Bakkt’s Warehouse to safely hold its customers’ and Ethereum.

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

“We recognized that Bakkt’s infrastructure and regulation-first approach to crypto was a natural fit and we’re confident that this partnership will benefit all our clients and expand Nexo’s ability to service the unprecedented institutional demand for cryptocurrencies as well as individuals’ growing transaction volumes,” said George Manolov, Business Development Executive at Nexo.

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

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