Matrixport's Cactus Custody™ Launches Institutional Custody Service for Non-Fungible Tokens (NFTs)

Matrixport, one of the world’s largest digital assets financial services ecosystem, today announced the launch of Warm and Cold custody services for Non-Fungible Tokens (NFTs) via its third-party institutional custody service, Cactus Custody™. This latest NFT asset management offering provides institutions the ability to safely store and manage their NFT and crypto assets in one place.

NFTs have become increasingly popular, taking on a variety of formats including art, trading cards, comics and games. NFT marketplaces have expanded from just a handful to hundreds of marketplaces across multiple blockchains, with the global value of NFTs sold growing 500x reaching $20B in 2021.The number of wallets trading in NFTs have also increased from half a million to about 28 million last year.

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.”

Embedded with enhanced risk management features, the Cactus Custody™ NFT asset management offering enables institutions to customise user access controls and whitelisting of decentralized application (dApp) smart contracts. 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.

The NFT Warm and Cold storage solutions aim to provide users with the optimum combination of security, scalability and accessibility. 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. As an added level of security, the cold storage solution utilises a multi-sig mechanism where private keys are stored offline in multiple bank-grade vaults located in 4 countries across 3 continents.

Cactus Custody™ is the third-party institutional custody service provided by Matrixport for miners, funds, projects and corporations under custody. The NFT asset management service is now available on the Cactus Custody™ platform for users to enjoy comprehensive functionalities of NFTs.

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