VerifiedX, a decentralized Layer 1 network and Bitcoin sidechain, has selected Crypto.com to provide institutional custody and liquidity services for $1.5 billion in assets. The partnership will allow eligible institutions operating on the VerifiedX (VFX) network to use Crypto.com’s regulated infrastructure for storing and managing digital currencies.

In addition to providing cold storage and secure governance workflows, Crypto.com will offer VerifiedX over-the-counter (OTC) trading capabilities to facilitate deeper liquidity. Eric Anziani, president and COO of Crypto.com, stated that the company’s custody service is specifically designed to meet the expectations of institutional clients and that they are pleased to be selected by VerifiedX.

Understanding the VerifiedX Network

VerifiedX, which previously operated under the name ReserveBlock, functions as both a universal Layer 1 blockchain and a Bitcoin-specific sidechain. The network has been steadily building its infrastructure and allows for the minting of Verified Bitcoin Tokens (vBTC), which maintain a 1:1 self-custodial peg to Bitcoin.

An Expanding Relationship

This announcement marks the second major collaboration between the two companies. Their first partnership, established in late September, integrated Crypto.com’s payment solutions into VFX SwitchBlade Wallets. This allowed users to purchase supported cryptocurrencies, including VFX and stablecoins, directly with fiat currency and transact with merchants and decentralized applications using Crypto.com Pay.

Following the news of this expanded partnership, the price of VFX, the network’s native token, saw a significant rise of nearly 70%.