With crypto’s market cap reaching $1 trillion, Nexo’s assets under management surged to $4+ billion. More funds on the Nexo platform means more responsibility, which is why we’ve struck a strategic partnership with Ledger Vault to further boost our security and insurance, and diversify our comprehensive custodial infrastructure.
Nexo is designed for speed, immediate execution of transactions, flexibility, and user-friendliness. As such, we require a custodial solution that combines instant access to funds, full independence from cold storage, and the most secure, multi-signature storage technology. Ledger Vault ticks all these boxes, providing a resilient and elegant solution that enhances the efficiency of operations on the Nexo platform, ultimately making our clients’ experience even faster, smoother and safer.
Implementing Ledger Vault’s solutions also increases Nexo’s insurance. The Vault insures digital assets for up to $150 million through a customized insurance program backed by Arch and Marsh. With the added coverage from this new integration, Nexo’s total insurance portfolio now amounts to $375 million. This upgrade is a part of Nexo’s broader plan to increase our insurance to over $1B in 2021 via a syndicate of leading insurers.
Commenting on the partnership, Nexo’s Co-founder and Managing Partner Antoni Trenchev said:
“The Ledger Vault integration is yet another crucial step in creating a robust, impenetrable security environment for our clients. The digital assets space is maturing and with this the skills of malicious actors are becoming more sophisticated. This is why Nexo is always a few steps ahead. By welcoming Vault into our security system, we continue to improve our platform and bring greater peace of mind to our clients.”
For his part, Jean-Michel Pailhon, Vice President Business Solutions at Ledger, said:
“Working with partners like Nexo to level-up their security is our top priority. Ledger Vault’s strength and spotless track record with zero lost or stolen funds combined with our SOC 2 certified battle-tested security cloud-based platform will add to Nexo’s secure and reliable platform.”
As we’ve said many times: the safety of your assets is our top priority. Reflecting our reputation as the most security-focused lender in the digital assets space, we will continue evolving our infrastructure to ensure our safety measures scale along with our services and the market.
About Ledger Vault
Ledger Enterprise Solutions is a core business unit of Ledger, a leader in security for cryptocurrencies and blockchain applications. Leveraging Ledger’s industry-leading and independently-certified security technology, the Ledger Vault SaaS solution provides a cloud-based digital assets custody infrastructure for financial institutions and professional investors to securely control their crypto assets with a multi-authorization self-custody management solution. With a global team of more than 250 professionals, Ledger develops a variety of products and services to secure and service individuals, companies, and connected devices with their digital assets. Founded in 2015, the company has offices in Paris, New York, Singapore, London, Zurich, and Vierzon.