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Matrixport announces Warm and Cold custody services for NFTs

27 Jun 2022 : 08:00
2 min read
  • Matrixport will launch a new Warm and Cold NFT custodial service for institutional clients
  • The firm will provide institutional investors custody services via Cactus Custody
  • The cold storage solution will utilize a multi-sig mechanism where private keys are stored offline

One of the world’s biggest digital assets financial services ecosystem, Matrixport, confirmed via a press release that its third-party institutional custody service, Cactus Custody, will launch Warm and Cold custody services for Non-Fungible Tokens (NFTs).

Matrixport brings new institutional custody service

Matrixport will provide institutional investors custody services via Cactus Custody, and as per the press release, “this latest NFT asset management offering provides institutions the ability to safely store and manage their NFT and crypto assets in one place.”

In the press release, Matrixport noted that the number of wallets trading NFTs has also surged from 500K to about 28 million last year, and hence, the firm aims to capitalize on the increasing demand of the industry. 

The COO of Matrixport, Cynthia Wu, said NFT investors are “seeking out best-in-class protection for the valuable digital assets against malicious actors.” She added that Cactus Custody is stepping up with “the infrastructure and tools” to provide its clients with “peace of mind.”

Security, scalability, and accessibility

According to the press statement, the NFT Warm and Cold storage solutions will provide the users with a combination of security, scalability, and accessibility. The firm also added that the warm storage solution will allow users to create “multiple business lines for asset segregation, seamless interactions with various NFT marketplaces via Cactus Custody, Defi Connector, and the availability of proprietary bank-grade vaults to safeguard private keys.”

Interestingly, as an added level of security, the cold storage solution will utilize a multi-sig method where “private keys are stored offline in multiple bank-grade vaults located in four countries across three continents,” Matrixport added.

Anisha Pandey

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