VerifiedX, a decentralized Layer 1 community and Bitcoin sidechain, introduced Thursday it has chosen Crypto.com to offer institutional custody and liquidity options for $1.5 billion in property.
In accordance with an announcement, the partnership will permit eligible establishments working on the VerifiedX (VFX) community to make the most of Crypto.com’s regulated custody infrastructure to retailer and handle digital currencies. Along with chilly storage and governance workflows, Crypto.com will present VerifiedX with over-the-counter (OTC) buying and selling capabilities to facilitate deeper liquidity.
“Crypto.com Custody is particularly designed with expectations of institutional-grade shoppers,” Eric Anziani, president and COO of Crypto.com, mentioned within the assertion. “We’re happy to be chosen by VerifiedX, a pacesetter in self-custody and digital asset pockets capabilities, to additional improve a longtime custody providing for all shopper wants.”
VerifiedX, which rebranded from its former identify ReserveBlock, positions itself as a “individuals’s community” and features as each a common Layer 1 and a Bitcoin-specific sidechain. The community has been constructing out its infrastructure stack, and permits for the minting of Verified Bitcoin Tokens (vBTC) with a 1:1 self-custodial peg.
The community introduced its first partnership with Crypto.com in late September, permitting customers of VFX SwitchBlade Wallets to buy supported cryptocurrencies, together with VFX and stablecoins, immediately utilizing fiat, and transact with retailers and DApps utilizing Crypto.com Pay.
The value of VFX, the community’s native token, has jumped almost 70% following the announcement of a second partnership with Crypto.com.
Disclaimer: The Block is an unbiased media outlet that delivers information, analysis, and knowledge. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in different firms within the crypto house. Crypto trade Bitget is an anchor LP for Foresight Ventures. The Block continues to function independently to ship goal, impactful, and well timed details about the crypto trade. Listed below are our present monetary disclosures.
© 2025 The Block. All Rights Reserved. This text is offered for informational functions solely. It isn’t provided or meant for use as authorized, tax, funding, monetary, or different recommendation.
WHO WE ARE
The Block is a information supplier that strives to be the primary and ultimate phrase on digital property information, analysis, and knowledge.
Observe us on Google Information