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French crypto hardware wallet maker Ledger has entered into a partnership with Hong Kong trust company Legacy Trust to offer crypto custody services to institutional investors.
According to the official release, the new solution is intended to help accelerate the flow of institutional money into digital assets.
Legacy Trust will use Ledger’s multi-authorization wallet management tool for digital assets, Ledger Vault, to provide secure and efficient custody for major digital assets such as Bitcoin with the added hardware security benefits.
Ledger Vault has also enabled Legacy Trust to start offering custody of ERC-20 tokens, the release said.
“The combination of Ledger’s technological versatility in safekeeping digital assets with Legacy Trust’s regulatory standing provides a complete and permanent solution to the issue of custody in the digital asset space, that did not exist until now,” Vincent Chok, Group CEO of Legacy Trust, said.
Demetrios Skalkotos, Global Head of Ledger Vault, said that by leveraging the Ledger Vault solution, Legacy Trust would be able to ensure that investors have “total control and peace of mind that their assets are secure, while not sacrificing convenience.”
First unveiled in January 2018, Ledger Vault aims to help banks, hedge funds and family offices to manage their crypto assets.
“With Ledger Vault’s multi-authorization rules, the custodian has the ability to create, authorize and broadcast transactions to the chain within seconds without multi-sig participants having to be in the same room,” the release said.
“This makes custodianship a process that is scalable in a fast-moving global market, whilst remaining secure against human error and common crypto threats.”
Earlier this month, Switzerland-based Swissquote announced its plans to launch a crypto custody service, CoinDesk reported.
