Partnering to provide “institutional-grade” cryptocurrency custody are: Ledger, the cryptocurrency hardware wallet maker, and Legacy Trust, the Hong Kong-licensed trust and custody company. LegacyTrust and Ledger partner to provide Institutional custody of ERC-20 tokens.
The two firms said the solution is aimed to increase the movement of institutional money into digital assets.
Legacy Trust said it can now “securely and efficiently” custody clients’ digital assets, such as bitcoin, by utilizing Ledger’s multi-signature cryptocurrency wallet management product Ledger Vault. Most notably, it will also start offering custody of ethereum-based ERC-20 tokens.
Vincent Chok, Legacy Trust group CEO and founder said:
“There is huge interest in ERC-20 custody services and it’s only growing bigger. Every STO [security token offering] that is planning to take place will need to have custody for ERC-20 tokens.”
“Since the beginning of 2019, we’ve basically received around five requests for ERC20 custody, per week.”
LegacyTrust and Ledger partner to provide Institutional custody of ERC-20 tokens. Skalkotos, Ledger Vault’s global head, stated the partnership will ensure investors have “total control and peace of mind that their assets are secure, while not sacrificing convenience.”
The development of Ledger Vault solution was first revealed by Ledger in January 2018. The company said at the time that the product would be aimed at institutional investors. This includes such as banks and hedge funds.
A number of traditional financial firms have been venturing into custody services to meet the growing demand for more secure storage, as institutional investors are increasing their interest in the cryptocurrency sector.
G4S started offering a crypto custody service aimed to protect investors’ holdings of digital assets in October. G4S is a U.K.-based security services company. Online banking and trading group Swissquote, said it is launching a “nuke-proof” cryptocurrency custody service, earlier this year.