Uphold to boost security of crypto funds with Ledger security tools
Wed, 15 May 2019, 11:01 am UTC
American payments start-up Uphold is teaming up with Ledger, a provider of security and infrastructure solutions for cryptocurrencies and blockchain applications, to improve security, as reported by Cointelegraph.
Uphold, formerly Bitreserve, is a leading cloud-based digital currency platform that allows a user to transact different currencies and commodities. Since its launch in 2015, the platform’s app model combined with payment connectivity has served more than 184 countries and facilitated over $3 billion in transactions.
Uphold will integrate the security tools of Ledger to enhance the security of user funds. Ledger’s institutional custody platform Ledger Vault will help protect customers’ funds from hacks that could lead to losses.
“It’s always been our view that security’s been the most important issue with respect to mass adoption with cryptocurrencies and blockchain in general,” J.P. Thieriot, Uphold co-founder, told CoinDesk. “The only reason people would take a risk of moving their money away from the boring old bank on the corner is if they can derive benefits [from] taking the plunge.”
Thieriot noted that while the platform will undergo a major overhaul, the security changes will not be apparent to users. Most of the changes will be in the operation or behavior aspect of the platform.
The security upgrade will reportedly include key benefits such as multi-authorization governance model, new ERC-20 stablecoins support, and other proxy assets including the Universal Protocol-based tokens.
Speaking to CoinDesk, DemetriosSkalkotos, the Global Head of Ledger Vault, said that Ledger Vault is simply a technology provider and not a custodian.
“We’re trying to provide a technology infrastructure, both software security integrated with secure elements and hardware,” he said.
This is not the first time for Ledger to work with custody companies. Earlier this year, Hong Kong’s Legacy Trust partnered with the cryptocurrency hardware wallet maker to provide “institutional-grade” cryptocurrency custody.
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