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Matrixport’s Cactus Custody launches institutional custody service for NFTs

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Matrixport, one of the world’s largest digital assets financial services ecosystems, has launched 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 $20 billion in 2021. The number of wallets trading in NFTs have also increased from half a million to about 28 million last year.

Embedded with enhanced risk management features, the Cactus Custody NFT asset management offering enables institutions to customise user access controls and whitelisting of decentralised 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.

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