Payments Project Uphold Partners with Ledger Crypto Hardware Wallet to Secure Users’ Funds
Ledger, the cryptocurrency security company is working with Uphold to secure users when storing their funds. The company intends to use Ledger’s security tools to secure users’ funds from hacks and other activities that could lead to losses.
In a press release, Uphold said it will be implementing a
“strong, multi-authorization governance model, ensuring there are no single points of failure in the management of customer funds”
as part of steps to beef up security on its platform.
Speaking with CoinDesk at the CoinDesk Consensus meeting, Co-Founder of Uphold J.P. Thieriot said although it will be a major security upgrade, it will not be apparent to users as they may not notice any changes in the operation or behavior of the platform. He also added that security of users’ funds comes first in the company and they would do anything to make it a priority.
“It’s always been our view that security’s been the most important issue with respect to mass adoption with cryptocurrencies and blockchain in general … The only reason people would take a risk of moving their money away from the boring old bank on the corner is if they can derive benefits [from] taking the plunge.”
Uphold is a payment company that facilitates easy funding by linking crypto wallets to bank accounts using debit cards and easy conversion of major digital assets to supported fiat currencies. The company also pays a 3-10% on digital currency holdings as well as offer loans to users.
Its choice of Ledger, the number one cryptocurrency security company, came after a long search, according to the Co-Founder. Ledger is the producer of the Ledger cold cryptocurrency wallets which have sold at least 1.5 million worldwide.
Ledger’s Ledger Vault unit will be providing the required security tools. According to the global head of the unit Demetrios Skalkotos,
“We’re trying to provide technology infrastructure, both software security integrated with secure elements and hardware.”
With the new partnership, Uphold’s customers will enjoy enhanced security as well as better services as the company also plans to provide support for new ERC-20 based stablecoins and other “proxy assets.” This will increase the user base and as security a is a top priority and uphold is one of the first of its kind to provide this kind of services, thus bridging the gap between the cryptocurrency and fiat world. It will also significantly contribute to promoting blockchain adoption as its services bring users in direct contact with the technology.