Cryptocurrency and payments platform Crypto.com announced this Thursday that it has joined forces with Ledger, a big player in security and infrastructure solutions for crypto and blockchain, to provide its institutional-grade custody solution.
Ledger Vault, the core business unit of Ledger, is a crypto wallet management solution that requires multiple authorizations. Through the partnership, Crypto.com will use Ledger Vault to manage its own funds as well as its clients’ digital assets.
Because Ledger Vault has multi-authorisation rules, the custodian of the wallet is able to create, authorize, and broadcast transactions to the chain. This can be done without needing multi-signature participants in the same room.
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According to the statement, by doing this, custodianship becomes a process that can be scaled in a fast-moving global market, while still being protected against threats to cryptocurrency – such as hacking, human error, etc.
Commenting on the partnership, Kris Marszalek, Co-Founder and CEO of Crypto.com, said: “We are thrilled to work with Ledger and their institutional grade digital asset custody solution – Ledger Vault. With 100% of Crypto.com client funds always held in cold storage, Ledger Vault allows us to operate the business at scale while maintaining the highest standards of security.”
Security Remains Top Concern for Crypto
Security in the cryptocurrency industry has long been one of the biggest threats to the industry. Hacking, in particular, is a threat to both exchanges and traders alike, with even top exchanges such as Binance falling prey to hackers.
“By using Ledger Vault, Crypto.com will give their customers peace of mind that their assets are fully safe and secure. To support long term growth, the proper infrastructure must be in place. People are taking security and governance very seriously and we’re pleased to support Crypto.com in their mission to provide this to their users,” added Pascal Gauthier, the CEO of Ledger.