Nexo’s Custody and Insurance in Depth and at Length • Nexo


We pride ourselves on being the most security-focused digital assets institution.

This is why we are delighted to share that the total insurance of the Nexo Wallet has increased to $775 million through our partnerships with BitGo, Ledger, Bakkt, Fireblocks, and other top-tier custodians whose facilities are protected via a syndicate of insurers in the Lloyd’s of London and Marsh and Arch.

The significant increase comes as a result of various custodial deals we have in place and most recently, thanks to BitGo – one of our security partners and a leading institutional-grade custodian – which has added $150 million to its insurance coverage for digital assets, thus boosting their capacity to $250 million from $100 million previously.

How To Get Free Crypto  

So, how does the insurance benefit you as a client? How does our wallet work, where are your assets, and where is our insurance coming from? Find out here.


Тhe saying goes: Don’t keep all your eggs in one basket. The endless “hot vs. cold storage, custodial vs. non-custodial wallets” dilemma is one we know all too well, which is why we’ve done something about it – the Nexo Wallet lets you manage all your assets from a single wallet without actually keeping them in one place.

The Nexo Wallet is a custodial wallet, which means that a third party actually stores and secures your assets. Since Nexo itself is not a custodian, we employ services from BitGo, Ledger Vault, Bakkt, Fireblocks, and other well-established partners to ensure top-tier storage for all assets placed under our care.

We use multiple trusted custodians in order to diversify our comprehensive custodial infrastructure. Consequently, your digital assets are held in a mix of hot and cold storage by partners in various geographical locations, making it exceptionally difficult for unauthorized parties to gain access to them, but also lending you the needed flexibility to be efficient in the dynamic crypto market.

Coinbase Banner  

Finally, the Nexo Wallet unifies all the information about your assets from our custodial partners and presents it in a comprehensive, simple, and user-friendly way so that you can instantly manage your crypto.

$775M Insurance

While we’ve done our bit in ensuring our clients that we keep your assets secure through our real-time reserves audit, we acknowledge that working with crypto has inherent risks. The blockchain space is evolving rapidly and with it – the potential threats. That’s why Nexo continuously works to offset these dangers through our robust insurance policy.

Nexo’s total insurance on custodial assets is currently $775 million and comes through partnerships with BitGo, Ledger Vault, Bakkt, and other custodians whose facilities are insured via Lloyd’s of London and Marsh and Arch.

The Breakdown: Our Partners & the Services We Use

  • BitGo – BitGo is our long-standing partner since 2018, serving primarily the retail side of our business. They provide us with cold storage, bank-grade class III vaults, through their SOC 2 Type 2-certified custodianship program, along with a multi-million dollar insurance packet via Lloyd’s of London. Each wallet is multi-signature with keys that are secured offline in purpose-built, Class III bank vaults, while the keys inside these vaults require multiple users to access them.
  • Ledger Vault – Much like BitGo, Ledger Vault gives us the opportunity to store custodial assets securely with the added bonuses of having instant access to those funds and full independence from cold storage. The Vault’s stress-tested hardware and software guarantee that we have access to funds on the Nexo platform even during black swan events.
  • Bakkt – Bakkt provides Nexo with Bitcoin and Ethereum custody in the Bakkt Warehouse, the company’s regulated custodian, which comprises both warm and cold digital asset storage to minimize risks. For additional layers of protection, Bakkt’s warm and cold wallets are built on secure wallet architecture, along with multi-zone physical security, including bank-grade vaults.
  • Fireblocks – With our client base growing fast, our services and counterparties expanding, we needed a solution that allows us to quickly and easily view all of the assets we manage across the board. This is where Fireblocks comes in, providing us with an overview of all the funds we hold with BitGo, Ledger Vault, and other custodians, on exchanges, and with institutional counterparties, as well as the USD in one of our major bank accounts.
  • Armanino – Тo increase transparency, Nexo is working with Armanino to conduct a Proof of Reserves assessment and provide real-time attestations over the company’s custodial holdings. With this pioneering move for the crypto lending space, we give you the ultimate peace of mind that Nexo is able to meet client obligations at all times. See today’s report here.
  • Other partners – To provide greater security and insurance coverage, Nexo partners with a syndicate of leading custodians, storing a portion of assets with their various custodial services and securing additional insurance for our users.

We trust you have enjoyed getting to know our security system more closely and look forward to building upon it in the near future.

FreeBitcoin Banner  

Go to Source

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.