Fidelity Digital Assets Partners with Nexo’s Crypto Credit Lines

2021 has been a great year for the cryptocurrency space as it has witnessed investments and partnerships like never before. The partnerships will continue as the crypto space continues to grow and the adoption rate increases.

Nexo to Launch Various Institutional Products

Crypto lender Nexo announced that it had partnered with institutional crypto custodian Fidelity Digital Assets. The partnership will see the two companies launch a suite of products designed for institutional investors in a bid to attract them to the cryptocurrency space.

Fidelity Digital is the digital asset arm of Fidelity Investments, the asset management company with more than $7 trillion in assets under management. Fidelity Digital Assets and Nexo will develop various products that will enhance Nexo’s cryptocurrency credit line and Fidelity’s secure crypto brokerage to institutional clients.

Nexo co-founder and managing partner Kalin Metodiev commented that “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.”

Christopher Tyrer, head of Fidelity Digital Assets in Europe, added that the partnership comes at a time when there is a massive increase in interest in digital assets from institutional investors across Europe.

Fidelity Digital Assets is Expanding its Presence in the Crypto Space

Fidelity Digital Assets has been expanding its presence in the cryptocurrency space in recent months. This latest development comes just three days after the asset manager launched a Bitcoin exchange-traded fund (ETF) in Canada.

The Fidelity Advantage Bitcoin ETF (FBTC) allows investors to gain exposure to Bitcoin’s spot price. The United States Securities and Exchange Commission (SEC) is yet to approve a single spot Bitcoin ETF proposal, even the one proposed by Fidelity. The commission recently rejected the VanEck and WisdomTree Bitcoin ETF applications.

As a result, Fidelity has gone ahead to launch a spot Bitcoin ETF in Canada. The SEC is yet to approve or reject the asset manager’s ETF application in the United States.