VerifiedX, a decentralized Layer 1 network and Bitcoin sidechain, has entered into a strategic partnership with Crypto.com to provide institutional-grade custody and liquidity solutions for assets totaling $1.5 billion. This collaboration allows institutions operating on the VerifiedX (VFX) network to utilize Crypto.com’s regulated custody infrastructure for secure digital asset management.
Partnership Enhances Liquidity and Asset Management for VerifiedX Institutions
The partnership will offer VerifiedX users access to cold storage solutions, governance workflows, and over-the-counter (OTC) trading capabilities. These services are designed to enhance liquidity and provide seamless management of large transactions. Eric Anziani, the president and COO of Crypto.com, emphasized that Crypto.com Custody is specifically tailored to meet the needs of institutional clients, and the collaboration will strengthen the existing custody services provided to VerifiedX users.
VerifiedX, which rebranded from its former name ReserveBlock, positions itself as a self-custody solution for digital assets, as well as a Bitcoin-specific sidechain. With the help of this new partnership, VerifiedX will continue to build its infrastructure stack, offering the ability to mint Verified Bitcoin Tokens (vBTC) with a 1:1 self-custodial peg.
VFX Token Surges as Partnership with Crypto.com Drives Confidence in the Network
The price of VerifiedX’s native token, VFX, has risen nearly 70% following the announcement of this partnership. This surge reflects growing confidence in the VerifiedX network, driven by the expanded infrastructure and the promise of enhanced liquidity through Crypto.com’s services.
The two companies initially partnered in late September, allowing users of the VFX SwitchBlade Wallet to purchase supported cryptocurrencies, including VFX and stablecoins, directly with fiat. This partnership also facilitates transactions with merchants and decentralized applications (DApps) through Crypto.com Pay.
Crypto.com’s National Trust Bank Charter to Enhance Custody Services
In a related move, Crypto.com has applied for a national trust bank charter through the U.S. Office of the Comptroller of the Currency (OCC). This application is expected to further strengthen Crypto.com’s custody services, which are central to its partnership with VerifiedX. With this charter, Crypto.com aims to expand its offerings for institutional investors, improving its custody and staking services across multiple blockchain protocols, including its own Layer 1 blockchain, Cronos.
A Significant Milestone for VerifiedX’s Growth and Institutional Support
This latest collaboration with Crypto.com marks a major milestone for VerifiedX, providing the necessary tools to help institutions manage their digital currencies with ease. As the blockchain space continues to evolve, such partnerships are pivotal in supporting the infrastructure and services required for the growing demand from institutional clients.