Hardware Wallet Ledger Opens New York Office to Develop Institutional Custody Offering

Cryptocurrency hardware pocket maker Ledger announced that it is expanding to New York as a part of its development of institutional custody offering Ledger Vault, according to a press release shared by Cointelegraph Nov. 26. Ledger, that started pre-access to Ledger Vault in May, has appointed former Intercontinental Exchange (ICE) executive Demetrios Skalkotos to lead the global business unit operations for your project. “New York City is the middle of the financial world, consequently getting our Ledger Vault operations located in the area proved to be a natural match,” Ledger CEO Pascal Gauthier commented at the release.As the trend for companies to serve institutional investors continues, Ledger joins non-cryptocurrency operators, including ICE itself, in preparing the ground for what appears to be growing demand from corporate clients.Despite a roughly six-week delay, ICE’s Bakkt platform will likely gain regulatory approval to provide physically delivered Bitcoin futures beginning at the end of January.By contrast, Ledger Vault is a kind of custody solution allowing numerous members of a corporate entity like a hedge fund to get the exact identical cold storage wallet. Back in July, Ledger declared that it had offered over one million hard pockets in 2017, noting that they had been planning on bringing tech giants such as Samsung and Google’s enterprise arm GV for further funding rounds.According to Skalkotos, prospective clients are already demanding options for security custody direction for enterprises. “Secure storage of large multi-cryptocurrency funding is a highly intricate challenge that cannot be solved by simply implementing procedures,” he explained, adding:“Institutions are looking for safer storage alternatives along with integrated governance policies, but do ’t need to sacrifice advantage. ”Last month, the payment system Square took the measure of open its storage application, while fellow hardware manufacturer Trezor week warned that counterfeiters were already targeting the sector. […]

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