Fidelity Digital Assets and Nexo have reportedly disclosed details of a freshly formed alliance to introduce crypto custodial services, products and lending services to institutional investors. 

Specifically, via the alliance, the crypto-centric division of financial heavyweight Fidelity Investments and crypto borrowing and exchange platform Nexo will reportedly collaboratively develop a comprehensive product line and legal infrastructure, catering to institutional investors trying to achieve crypto exposure. 

The alliance formed with Fidelity Digital Assets will reportedly make it possible for Nexo to widen the scope of its asset portfolio and include a second custody level to its security architecture. 

It further allows Fidelity Digital Assets to tap into Nexo’s services, together with crypto prime brokerage.

“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. Our client base will now have full use of our industry-leading credit and trading products with reliance on Fidelity Digital Assets’ bespoke custody and security solutions.” Kalin Metodiev, co-founder and managing partner at Nexo, additionally remarked regarding the announcement. 

Christopher Tyrer, head of Fidelity Digital Assets in Europe, also claimed that the company has reportedly witnessed major development in terms of institutional investor interest on the continent, and thus decided to widen the scope of its collaborations to satisfy that demand. 

Fidelity Investments has reportedly been having a high ambition regarding its strategies for the institutional cryptocurrency market, strategically onboarding several talents across the sphere.

The firm seems to be employing a more holistic approach to cryptocurrency, as the asset manager seeks to provide more institutional access points.