Ledger has signed a deal with Legacy Trust, a Hong Kong-licensed public trust company, to provide institutional-grade crypto custody solutions aimed at OTC firms, exchanges, and high net-worth individuals. Legacy Trust manages the assets of some of the wealthiest people in Hong Kong, looking for investment opportunities that will grow the fund for the ultimate benefit of the beneficiaries, and the on-boarding of Ledger will allow them to add cryptocurrencies to their portfolio of asset management tools.
We are thrilled to work with Legacy Trust to introduce a world-first institutional grade digital asset custody solution by leveraging the Ledger Vault – a multi-authorization wallet management tool for digital assets.
Read more here: https://t.co/SHjjRUDZRh pic.twitter.com/iffB62VBRD
— Ledger (@Ledger) March 28, 2019
Ledger Vault
The deal will utilize Ledger Vault, Ledger’s multi-authorization cryptocurrency wallet management solution for financial institutions. Ledger Vault echoes the ‘multiple keys’ approach to bank vaults, where more than one person is needed to open a vault. In the case of Ledger Vault, three ‘shared owners’ each create a seed which, when put together, generates the vault’s master seed. The owners of the vault can then specify how many authorizations are required to transfer money out of the vault to ensure that no single person can move funds, as well as putting a daily cap in place. Demetrios Skalkotos, Global Head of Ledger Vault, said of the deal:
Secure storage of large digital asset funds is complex, and institutions are looking for safe, comprehensive and integrated storage solutions. By leveraging the Ledger Vault solution, Legacy Trust will ensure that investors have total control and peace of mind that their assets are secure, while not sacrificing convenience.
Institutional Custody on the Rise
The deal illustrates just how much institutional crypto storage solutions have improved in recent months, with the technology available finally being of a requisite standard to give institutions enough confidence to set foot in the cryptocurrency arena. The latest Bakkt delay was supposedly partly due to the CFTC not being satisfied with the way Bakkt planned to hold the Bitcoin, meaning that the launch, when it does happen, will signal that another hurdle has been cleared.
