Ledger To Provide Secure Wallet Management For Canada’s National Digital Asset Exchange (NDAX)
Ledger Partners With Canadian Crypto Exchange To Provide Secure Wallet Management
Paris-based crypto wallet maker Ledger is partnering with Canadian crypto exchange National Digital Asset Exchange (NDAX) to provide secure wallet management.
The news was first reported by Cointelegraph earlier today.
NDAX offers crypto asset trading services for both retail and institutional clients. Moving forward, the exchange plans to use Ledger’s institutional-grade wallet management solution to secure its funds.
France’s Ledger has packaged its wallet management solutions into a platform called Ledger Vault. The platform offers multi-authorization governance infrastructure for crypto assets. Ledger developed the platform with enterprise and institutional custodian and asset managers’ needs in mind, according to the press release.
NDAX will use Ledger Vault to store users’ private keys in isolation, reducing custodial risk. Ledger Vault can also segregate crypto asset accounts protected with multi-signature technology.
Other innovative services available with Ledger Vault include a hardware security model (HSM) with N-signature support. This module can grant emergency key access to pre-authorized legal and accounting firms. Institutions who partner with third-party accountants for tax or audit purposes, for example, can set up access directly through Ledger Vault without compromising their overall security.
Ledger Vault can also be set up to provide fully operational cold storage and liquidity manage. The platform also helps clients comply with regulatory requirements. In short, Ledger aims to offer a full-service solution to institutional customers seeking a safe, secure, and regulatory-friendly way to manage their crypto assets.
NDAX Wants To Avoid Becoming The Next QuadrigaCX
In a press release announcing the partnership with Ledger, NDAX founder and CEO Bilal Hammoud specifically referenced the QuadrigaCX incident from earlier this year, saying that it has heightened awareness among other exchanges for the importance of secure crypto asset management.
All of the Ledger Vault solutions should help NDAX avoid a similar fate to what befell Canadian competitor QuadrigaCX earlier this year.
When the founder and CEO of QuadrigaCX suddenly died, he took access to the exchange’s crypto funds with him. QuadrigaCX has declared bankruptcy and it seems unlikely that the funds will ever be recovered.
NDAX will reportedly use Ledger Vault to manage all crypto assets currently supported by the exchange, including BTC, ETH, and XRP.
As reported earlier this year, Ledger partnered with Hong Kong trust company Legacy Trust to create Ledger Vault back in March, aiming to cater to institutional firms and mainstream exchanges searching for a secure way to manage BTC and other digital assets.
Last week, meanwhile, Samsung invested $2.9 million in Ledger, raising the company’s value to $290 million. Ledger had previously raised $7 million in a Series A funding round in 2017, then $75 million in a Series B funding round in 2018. Samsung, meanwhile, offers native crypto wallets on its new Galaxy S10 smartphones.
Institutional solutions like Ledger Vault are helping exchanges offer better, more secure service to clients. As the crypto custodial services industry grows, it’s becoming easier for institutions like NDAX and others to securely manage crypto funds.