Ledger Hardware Wallet Opens New York Office for Institutional Crypto Custody Vault

The popular virtual currency hardware wallet manufacturer, Ledger, announced that it has opened an office in New York in order to offer services for institutional investors. The information was released a few hours ago by Ledger in a press release shared with Cointelegraph.

Back in May 2018, the company launched a pre-access for Ledger Vault. To lead the global business unit operations for the project, Ledger appointed the former Intercontinental Exchange (ICE) executive Demetrios Skalkotos.

Ledger wanted to open the office in New York due to its position as a leader in the financial world, explained Ledger CEO, Pascal Gauthier.

This shows that Ledger is getting prepared for a greater demand from institutional investors and new investments from wealthier clients. Corporate clients are searching for infrastructure to start placing their funds in the cryptocurrency market. There are many other traditional financial institutions that are starting to work on different platforms to meet the growing demand from institutional clients.

For example, the ICE has announced the launch of the Bakkt platform in January 2019. At the same time, Goldman Sachs and Fidelity Investments are also developing their products and services.

The Ledger Vault will allow different members from a company to have access to the same cold storage wallet. Back in July this year, Ledger announced that it sold more than one million hard wallets during 2017. Additionally, the company aims at attracting Samsung and Google to receive more funds and develop new projects.

Skalkotos commented on the matter:

“Secure storage of large multi-cryptocurrency funds is a highly complex challenge that cannot be solved by just implementing procedures. Institutions are looking for safer storage options along with integrated governance policies, but don’t want to sacrifice convenience.”

Although virtual currencies plummeted during the last week, companies are working in order to be prepared to receive new wealthy and institutional investors.

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