Ledger Crypto Hardware Wallet’s Vault Partners With Legacy Trust For Bitcoin And ERC20 Tokens
Ledger Partners With Legacy Trust
The bear market blues aside, one of the most encouraging developments in crypto is the fact that institutional investments have become more commonplace.
This has created a new sub-market in which services for the new institutional investors are offered. These include insurance, consultations and so on. Ledger, who is best known for their crypto wallets, have entered into a partnership with Legacy Trust, a Hong Kong trust company to offer institutional cryptocurrency custody services.
The announcement was made on March 28, 2019 and this marks the first institutional-grade digital asset custody service ever. It is also the first major outing for Ledger Vault, which is Ledger’s institutional grade Wallet. Ledger Vault has seen heavy investments from the company, with them even expanding to New York to properly develop it.
In The Vault
The Ledger Vault has a wide range of supported cryptos such as Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), Zcash (ZEC), and 12 others. With this new partnership, Ethereum-based ERC-20 compliant tokens will also be added to the list.
This creates an incentive for investors as it gives them a wide range of possible cryptos they can store with the firm. Despite the current market condition, there are many investors who intend to hold their cryptos for the long term and have no plans to sell. At the same time, they will need a service that will hold on to their assets and secure them in the meantime.
Keep The Faith
In the press release, it was pointed out that investor confidence has taken a significant hit in recent months and that isn’t because of the bear market.
On the contrary, the faith of investors isn’t being shaken in crypto itself but in the ability of crypto to be kept safe, even by custodians. This, the release says, can be put down to the hacks that have taken place as of late. While no system is inflatable, the consistency of the hacks and the large amounts that are being lost has made investors think twice about whether their funds can be safeguarded.
Another notable scandal in the crypto world is that of QuadrigaCx, in which millions of dollars of customer funds are trapped till this day in a Cold Wallet which only the company’s deceased CEO had access to.
These sorts of incidents do nothing to help the reputation of the industry and hopefully, this new custodian service will deliver and help to offset this negative press.