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Matrixport Launches Warm and Cold Custody Services for NFTs


cryptoknowmics.com 27 June 2022 09:48, UTC
Reading time: ~2 m

Asia's fastest-growing one-stop digital asset financial services platform, Matrixport, has announced the launch of Warm and Cold custody services for Non-Fungible Tokens (NFTs) via its third-party institutional custody service, Cactus Custody.

Matrixport Launches Custody Service With Cactus Custody

According to an official press release, Matrixport's latest NFT custody services provide institutions the ability to safely store and manage their NFT and crypto assets in one place. Launched in partnership with the Cactus Custody NFT asset management, the latest offering comes with enhanced risk management features to enable institutions to customize user access controls and whitelist decentralized apps and smart contracts. Meanwhile, only approved NFT marketplaces, DeFi, GameFi, SocialFi, and Web3 protocols will be permitted to interact with the wallets on the platform. This effectively reduces the susceptibility of the wallets to potential fraud, hacks, or phishing attacks. Commenting on the development, Cynthia Wu, COO, Matrixport said:

"Matrixport continues to evolve its offerings in-line with market needs. As use cases for NFTs expand and mature, investors are seeking out best-in-class protection for these valuable digital assets against malicious actors. Cactus Custody™ is stepping up with the infrastructure and tools to provide our clients with peace of mind."

Warm and Cold Custody Services

Matrixport's warm and cold custody feature comes with various added benefits. For instance, the warm storage solution allows for the creation of 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. Additionally, the cold storage solution utilizes a multi-sig mechanism where private keys are stored offline in multiple bank-grade vaults located in 4 countries across 3 continents.

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