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VerifiedX Partners with Crypto.com for Custody and OTC of $1.5B in Digital Assets

VerifiedX teams with Crypto.com to provide institutional custody and OTC liquidity, integrating Bitcoin sidechain vBTC issuance into its decentralized Layer-1 ecosystem.

BTC

Summary

According to an official announcement, VerifiedX has partnered with Crypto.com to manage $1.5 billion in digital assets through institutional-grade custody and OTC liquidity solutions. VerifiedX operates a decentralized Layer-1 blockchain and Bitcoin sidechain supporting 1:1 vBTC issuance. Following the news, the platform’s native VFX token price surged nearly 70%, reflecting strong market reaction to the collaboration.

Terms & Concepts
  • Custody: Secure storage of digital assets, typically provided by specialized institutions to safeguard holdings from theft or loss.
  • OTC (Over-the-Counter) trading: Direct trading of assets between parties outside of formal exchanges, often used for large volume transactions.
  • vBTC: A Bitcoin-backed token issued on a sidechain at a 1:1 ratio with BTC, enabling interoperability with other blockchain platforms.