Ledger, a producer of hardware wallets for cryptocurrencies, announced that it is opening an office in New York this Monday. According to a statement released by the company on its blog, the new office will aim to develop the company’s institutional business.
The hardware company has also brought in Demetrios Skalkotos to head up activities at the new office. Skalkotos was formerly a Vice President at the Intercontinental Exchange, working as the exchange operator’s Global Head of Desktop Solutions and Content Acquisition.
“New York City is the center of the financial world, hence having our Ledger Vault operations based in the region was a natural fit,” said Pascal Gauthier, President of Ledger. “Having spent his whole career working as a leader in enterprise and financial services products, Demetrios Skalkotos is the perfect candidate to bring Ledger Vault to life and oversee its continued growth.”
Having built a number of products for the retail market, Ledger is now trying to make headway into the institutional cryptocurrency space. Given its specialty is – in effect – building custodian products, it is likely to be welcomed by institutional players.
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This is because, as Viral Tolat, CEO of TradAir, pointed out in an interview with Finance Magnates this August, custody is one of the biggest concerns financial institutions have with regard to the cryptocurrency space.
To provide a solution that is acceptable to those institutions, Ledger has built Ledger Vault. It claims that the product acts as a secure means of storing cryptocurrency and, as it is for institutional use, allows for multiple user access.
According to Ledger, Skalkotos will be responsible for developing its Ledger Vault business, and the product is going to be the focus of the New York office. Skalkotos even has the unique job title of Global Head of Vault.
“As crypto becomes more widely adopted, it is critical that we scale enterprise-level solutions accordingly,” said Skalkotos. “The Ledger Vault does just that — we are the necessary digital plumbing that will provide security custody management to the industry.”