VerifiedX, a decentralized Layer 1 network and Bitcoin sidechain, announced Thursday it has selected Crypto.com to provide institutional custody and liquidity solutions for $1.5 billion in assets.
According to a statement, the partnership will allow eligible institutions operating on the VerifiedX (VFX) network to utilize Crypto.com’s regulated custody infrastructure to store and manage digital currencies. In addition to cold storage and governance workflows, Crypto.com will provide VerifiedX with over-the-counter (OTC) trading capabilities to facilitate deeper liquidity.
“Crypto.com Custody is specifically designed with expectations of institutional-grade clients,” Eric Anziani, president and COO of Crypto.com, said in the statement. “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.”
VerifiedX, which rebranded from its former name ReserveBlock, positions itself as a “people’s network” and functions as both a universal Layer 1 and a Bitcoin-specific sidechain. The network has been building out its infrastructure stack, and allows for the minting of Verified Bitcoin Tokens (vBTC) with a 1:1 self-custodial peg.
The network announced its first partnership with Crypto.com in late September, allowing users of VFX SwitchBlade Wallets to purchase supported cryptocurrencies, including VFX and stablecoins, directly using fiat, and transact with merchants and DApps using Crypto.com Pay.
The price of VFX, the network’s native token, has jumped nearly 70% following the announcement of a second partnership with Crypto.com.
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