Partnership Details
Crypto.com and the VerifiedX (VFX) Network have announced a significant partnership where Crypto.com will provide secure institutional-grade custody and liquidity support for $1.5 billion in assets, along with Over-The-Counter (OTC) trading capabilities.
This collaboration enables eligible institutions utilizing the VerifiedX network to securely store, manage, and transact digital currencies through Crypto.com's regulated, institutional-grade custody platform. Crypto.com's custody service is designed to meet the increasing demand for scalable, cost-effective, and compliant blockchain infrastructure, offering features such as multi-user permissions, customizable governance workflows, and insured custody solutions.
Quotes from Leadership
"Crypto.com Custody is specifically designed with expectations of institutional-grade clients," said Eric Anziani, President and COO of Crypto.com. "We are pleased to be selected by VerifiedX, a leader in self-custody and digital asset wallet capabilities, to further enhance an established custody offering for all client needs."
"As the people's network, the mission is clear - to make custody seamless, secure, and globally accessible. Partnering with Crypto.com significantly elevates that very ethos with best in-class custody and liquidity infrastructure," said The VerifiedX Foundation. "By incorporating Crypto.com's world class regulated custody and OTC trading capabilities, the network reinforces its commitment to providing users and institutions the safest, most scalable path to interact with digital assets across the VFX ecosystem. This partnership further advances a global infrastructure with liquidity and custody options, supporting a new generation of builders and users for payments, savings, commerce, and utility on the VerifiedX network."
Expanding on Previous Collaboration
This initiative builds upon the existing relationship between Crypto.com and VerifiedX. Previously, the two entities partnered to integrate Crypto.com Pay, Crypto.com's payment solution, and on-ramp services directly into VerifiedX's Switchblade Wallets. This integration aims to deliver a seamless, secure, and scalable experience for both everyday users and developers.
Crypto.com Custody Offering
Crypto.com Custody provides comprehensive, end-to-end custody services to eligible institutions and high-net-worth clients, with safety and security as its primary focus. Prospective clients interested in learning more about Crypto.com's custody offering can submit contact requests at crypto.com/custody.
About Crypto.com
Founded in 2016, Crypto.com is a leading cryptocurrency platform trusted by millions of users globally. The company is recognized as an industry leader in regulatory compliance, security, and privacy. Crypto.com's vision is to accelerate the adoption of cryptocurrency through innovation, with the ultimate goal of having "Cryptocurrency in Every Wallet™."
About VerifiedX
VFX (VerifiedX.IO) is described as "the people's network." It is presented as the first fully open-source decentralized network that functions as both a universal layer 1 and a Bitcoin-specific sidechain/reliever chain. Its purpose is to facilitate tokenized self-custody, on-chain storage, and peer-to-peer commerce for both digital and physical assets. The network's native coin, VFX, is accessible directly within wallets and enables the minting of Verified Bitcoin Tokens (vBTC) with a 1:1 evergreen self-custodial peg. This is combined with smart contract utility and full asset recovery features for funds.
VerifiedX emphasizes providing robust in-wallet and self-custodial options for everyday users to plan, transact, save, spend, borrow, and vault Bitcoin, VFX funds, and other digital assets. As the first universal layer 1 and Bitcoin reliever chain, the network aims to significantly reduce ownership costs and friction for users and integrators worldwide, offering multiple layers of convenience, security, and self-custodial empowerment.