Ledger Vault Set to Provide Institutional Grade Custodial Services to Crypto.com
Ledger Vault partners with Crypto.com and Uphold Inc. this week to provide custodial solutions.
Ledger Vault is partnering with Crypto.com, a cryptocurrency payment company, to provide institutional grade custodial solutions for its clients’ digital assets on its multi-authorization wallet. Crypto.com allows its users to buy, sell and pay with cryptocurrency VISA debit cards across any VISA accepted store in the world. The partnership allows Crypto.com to secure its customers’ funds in cold wallet storage with the rate of hacks occurring on exchanges and crypto institutions increasing rapidly.
Ledger Vault is a multi-authorization cryptocurrency wallet management solution enabling financial institutions to build digital assets operations at speed and scale. The cryptocurrency custodial solutions provider is well known for its hardware wallets Ledger Nano S, a world beater in the hardware wallet industry.
Security Challenges Are Killing The Industry
The cryptocurrency industry is currently facing huge risks from the hacking attempts, loss of passwords, basic human error, etc. Such risks, if successful, are devastating to an institution holding millions or billions of dollars given the irreversible nature of blockchain technology. While the loss of funds from an exchange as big as Binance may not hurt the deep pockets, the exchange may face irreversible reputational damage.
The CEO of Crypto.com, Kris Marszalek, doubling up as the co-founder, was thrilled and ecstatic at the partnership with Ledger Vault. Speaking on the partnership, Kris said,
“With 100% of Crypto.com client funds always held in cold storage, Ledger Vault allows us to operate the business at scale while maintaining the highest standards of security.”
Pascal Gauthier, the CEO of Ledger, also is as enthusiastic on the partnership with Crypto.com with his team expected to provide the clients with the highest levels of security. He said,
“People are taking security and governance very seriously and we’re pleased to support Crypto.com in their mission to provide this to their users.”
He briefly touched on the developmental goals of Ledger Vault adding,
“To support long term growth, the proper infrastructure must be in place.”