VerifiedX taps Crypto.com for custody, OTC services supporting $1.5 billion in assets
VerifiedX selected Crypto.com for institutional custody and OTC trading services to support $1.5 billion in assets on its network.Summary
VerifiedX, a decentralized Layer 1 network and Bitcoin sidechain, announced a partnership with Crypto.com to provide institutional custody and liquidity solutions for $1.5 billion in assets. This collaboration allows eligible institutions on the VerifiedX (VFX) network to use Crypto.com's regulated infrastructure for storing and managing digital currencies, including cold storage and governance workflows. Furthermore, Crypto.com will supply OTC trading capabilities to enhance liquidity for VerifiedX. Eric Anziani, President and COO of Crypto.com, stated that their custody solution is designed for institutional-grade clients. VerifiedX, formerly ReserveBlock, also recently integrated Crypto.com Pay for fiat on/off-ramps and payments within its VFX SwitchBlade Wallets. Following the announcement of this second partnership, the price of VFX, the network's native token, increased by nearly 70%.
(Source：The Block)