Ledger Partners With FLETA to Provide Crypto Custodian Services For DApps
Ledger closed a partnership with FLETA, which is a blockchain platform for decentralized applications (dapps) based in South Korea, to offer custodian services that comply with the local laws.
Ledger has created Ledger Vault in an attempt to offer its institutional-lever services to more clients. FLETA was created in 2018, launching in November its mainnet and forming a partnership with South Korea to create a proof-of-concept (PoC) network for the country’s healthcare system.
Ledger Expands to Asia
The managing director leading business expansions in the Asia-Pacific region at Ledger, Glenn Woo, said the FLETA partnership is how Ledger plans to help major institutional clients in Asia comply with local regulations:
“We are helping crypto companies, such as exchanges, funds and custodians, to basically abide by the regulations when it comes to wallet management. Our biggest priority is Ledger Vault.”
The French startup is also building a new firm with Global Advisors and Japan’s financial services behemoth Nomura. The company called Koimanu is going to offer institutional investors digital asset management services and help clients implement crypto with their traditional investments.
Ledger Vault to Deal with Regulatory Challenges
When it comes to challenges regulators have regarding crypto firms, these are about protecting investors’ interest when digital assets are lost and securing these assets. Ledger Vault requires authorization on multiple layers, this way demanding the client’s operations team to be more involved when withdrawing assets. Woo said,
“One of the big themes when it comes to regulating crypto institutions on the wallet side is to remove the central point of failure where the CEO of an exchange knows everything. With this infrastructure, we aim to go into more of the regulations jurisdiction where the crypto institutions are struggling to meet the requirements of the regulations.”
He also added that Ledger is offering a personalized insurance policy from Lloyd’s of London syndicate Arch for the clients’ assets. Back in November 2019, the insurance broker Marsh made it possible for Ledger Vault users to be insured through an Arch policy for $150 million.