Nexo, a crypto lending and savings platform, has announced that it will be partnering with Fidelity Digital Assets (FDA). The two will work together to boost institutional investors’ access to cryptocurrencies.

FDA is the digital division of Fidelity investments, a digital asset management firm. The partnership comes as more investors become interested in cryptocurrencies.

Nexo announces partnership with Fidelity

Under the agreement, the two firms will create a broad set of products and create a compliant environment that will attract institutional investors that want to invest in cryptocurrencies.

The partnership will also offer crypto custodial and lending services and launch innovative products tailored to the specific needs of institutional investors.

Institutions that jump on board will benefit from unrestricted access to the broad product offerings from Nexo. Some of the products that investors will access include the firm’s prime brokerage services.

The partnership will offer some benefits to Nexo because it will boost the firm’s assets under management. Moreover, Nexo’s custodial layer will be upgraded to feature military-grade security infrastructure and protect investors.

The co-founder of Nexo, Kalin Metodiev, commented on this partnership, stating,

Working with Fidelity Digital Assets is the latest milestone in our quest to offer a complete institutional platform and to onboard traditional finance companies into the digital asset ecosystem.

The Head of Fidelity Digital Assets in Europe, Christopher Tyrer, also stated that the move would create an opportunity for the two firms to offer a robust solution, stating that the available offerings will give clients a better experience that will allow them to meet the changing needs.

The partnership comes a few weeks after Nexo announced the launch of a $100M buyback program for NEXO, the native token for the platform.

Tapping into institutional investors

This year has been marked by increased interest in cryptocurrencies by institutional investors. Digital asset management firms such as Fidelity offer their clients direct and indirect exposure to cryptocurrencies.

The rising demand for crypto products by institutional investors has also been attributed to the multiple bullish cycles experienced this year. To meet the growing demand by institutional investors, Fidelity has increased its staff by 70%.

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