Ledger Partners with Hong Kong Public Trust Company to Deliver Institutional Quality Crypto Custody Solutions

With the $ 190 million QuadrigaCX cryptocurrency exchange hack Still fresh in the minds of many, quality conservation solutions are becoming more and more important.

Legacy Trust and Ledger, a provider of security and cryptographic security solutions, announce a partnership to launch an institutional custody solution for OTC companies, exchanges and high net worth individuals.

"The combination of Ledger's technological versatility in digital badet protection with the regulatory status of Legacy Trust offers a complete and permanent solution to the problem of digital badet preservation, non-existent up to now," he said. said Vincent Chok, CEO of Legacy Trust.

The new Legacy Trust retention solution will be optimized by Ledger's Ledger Vault key management solution. "We want the digital badet industry to be a mainstream industry," says Demetrios Skalkotos, Global Head of Ledger Vault. "For it to become popular, digital plumbing needs to be put in place."

Legacy Trust, was originally a traditional provider of custody of badets. The company began exploring cryptocurrency custody in 2017 after Hong Kong regulators announced that these badets were a form of merchandise. "Two years ago, a a lot of [crypto] customers and ICOs have started coming to us, "Chok told The Block, highlighting the need for qualified custodians in this area. The partnership with Ledger allows Legacy Trust to retain Bitcoin and ERC-20 tokens.

In addition, Ledger Vault's unique multi-authorization feature allows Legacy Trust to offer customizable retention services. With multiple permissions, the Legacy Trust customer can configure a portfolio structure that best meets their needs. If a hedge fund client needs faster access to its funds, it can set a "hot" portfolio, requiring fewer private key signatures to release the fund. If a client is a long-term investor, he can create a "cold" portfolio requiring up to six signatures for the release of a fund.

"We designed it to be very flexible to meet the needs of our customers," says Skalkotos at The Block.

Certainly, Legacy Trust and Ledger are not the only providers of child care in this sector. More recently, companies like Fidelity and Bakkt have announced their interest in providing cryptocurrency services. Leading companies such as Coinbase and BitGo are also increasingly active in this area. Legacy Trust and Ledger, however, are not concerned.

"It's a huge market. The more guards there are, the more it will become common, "says Chok. Skalkotos agrees, adding, "It's great to see competitors like Bakkt and Fidelity entering l & # 39; spaceSkalkotos also notes that, despite the launch of Ledger Vault in late 2018, the firm is approaching a hundred customers for its solution.