Ledger Partners With Legacy Trust to Offer Institutional Custody of ERC20-Tokens
Ledger, the France-based manufacturer of cryptocurrency hardware wallets has recently teamed up with Legacy Trust, a Hong Kong-based public trust company to launch an “institutional grade” cryptocurrency custody solutions for ERC20 tokens.
Clearly, the motive behind this partnership is to drive more institutional participation in the cryptocurrency market. Surprisingly, this move comes at a time where the crypto market is facing a major slowdown with dried-up trading volumes. Even the major projects like Bakkt, led by Intercontinental Exchange (ICE), are facing several delays over the last few months.
Legacy Trust said that it can “securely and efficiently” custody their clients’ digital assets using the popular Ledger Vault, a multi-signature cryptocurrency wallet management product. Also, it will facilitate the custody of Bitcoin as well as the Ethereum-based ERC20 tokens.
Demetrios Skalkotos, the chief of Ledger Vault said that the partnership will make sure that the investors will get “total control and peace of mind that their assets are secure, while not sacrificing convenience.”
Ledger, the most-popular cryptocurrency hardware wallet provider unveiled its Ledger Vault solution last year in January 2018. The company announced this product keeping in mind institutional investors like hedge funds and banks looking for secure storage of digital assets.
With the crypto industry plagued with the malicious hacking attacks, the major challenge for crypto companies is to make their customers feel secure about holding their assets. Ledger is one such crypto company working on this aspect with it cold storage hardware solutions as opposed to the hot online wallets that are much more vulnerable to external attacks.
Ledger’s multi-signature wallets provide a very high layer of security. The cold wallets allows customers to have up to six signatures to disseminate the funds locked in.