Europe’s largest cryptocurrency exchange by trade volume, Bitstamp, announced this Tuesday that it is integrating Ledger Vault’s technology to its existing services, to enable advanced custody options.
Under the partnership, Ledger Vault will provide the cryptocurrency exchange with a flexible wallet tech infrastructure. According to the statement released today, this will allow Bitstamp to set up a secure custody system.
In particular, the exchange will be able to create a system with end-to-end hardware-backed transfers, as well as a multi-authorisation governance model, the statement said. This will allow the exchange to manage assets in storage better.
Commenting on the partnership, David Osojnik, Bitstamp’s CTO, said: “Providing the ultimate level of security is our top priority and different types of customers have different requirements regarding storage. To provide the best possible service, we decided to integrate an additional secure crypto solution to custody digital assets.”
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“Ledger Vault’s state of the art tech will allow us to provide more options when it comes to the way assets are stored, without compromising security or performance.”
Bitstamp to maintain complete control over keys
The agreement between Bitstamp and Ledger was formed after the crypto firm approached Ledger, seeking a solution to secure their assets without compromising on liquidity. As part of this, Ledger will be providing the exchange with a technology platform that will give it 100 percent control of its keys.
“We are in 2019 and crypto assets still remain vulnerable in ways that other assets don’t. Forward-thinking exchanges like Bitstamp understand the importance of endpoint security to safely guard cryptocurrencies,” added Pascal Gauthier, Ledger CEO.
“I am thrilled to see them adopt the Ledger Vault technology to securely store their digital assets. Our solution will provide Bitstamp with an unparalleled level of security and agility, ensuring peace of mind to their retail and institutional customers.”
Speaking on the solution, Alexandre Lemarchand, vice president of global sales at Ledger, continued: “The Vault not only provides Bitstamp with the asset security they needed, but also with a set of business processes to support their growing exchange.”