Crypto.com, a major cryptocurrency exchange, has forged two new institutional partnerships with the Axelar Foundation and Frax, according to the information shared with Finbold on Monday, September 8.
As part of the deal, the exchange will provide Axelar Foundation with custody support for AXL, the native token of the cross-chain network.
At the same time, Frax will use Crypto.com’s custody solutions to secure and manage FRAX, its own native asset and gas token on the Fraxtal blockchain.
The two collaborations underscore Crypto.com’s role as a leading provider of high-grade security, compliance, and liquidity solutions to institutional clients.
Thanks to the partnership, Crypto.com will enhance Axelar’s treasury management by safeguarding assets allocated to validator incentives, ecosystem grants, and network operations.
Axelar Foundation director and co-founder of the Axelar protocol, Georgios Vlachos, emphasized that institutions aim for seamless tokenization, adding that Crypto.com Custody provides the security tools necessary to support it.
Similarly, Frax will be able to streamline staking, funding, and reserve management while maintaining robust compliance and operational standards.
Accordingly, institutional clients will now be able to access FRAX through the exchange’s custody and liquidity services under a secure, compliant framework.
As FRAX plays a central role in powering Fraxtal’s network, in particular validator staking, the partnership will also explore extending custody and liquidity services to the broader Frax ecosystem.
Commenting on the partnership, Frax founder Sam Kazemian noted the importance of trusted custody for institutional clients, stating that they can now securely access the FRAX token and participate in Frax’s ecosystem designed to support the GENIUS stablecoin.
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Source: https://finbold.com/crypto-com-provides-custody-solutions-to-axelar-foundation-and-frax/
