Hong Kong based payments and cryptocurrency platform Crypto.com has announced a collaboration with blockchain security and infrastructure solutions provider Ledger for an institutional-grade custody solution.
Under the collaboration, Crypto.com will use the Ledger Vault multi-authorization cryptocurrency wallet management solution to securely manage its own funds as well as clients' digital assets.
Targeted at the financial sector, Ledger Vault is designed to allow institutions to build digital assets operations at speed and scale.
It uses multi-authorization rules to allow custodians to create, authorize and broadcast transactions to the chain within seconds without multi-signature participants having to be in the same room. This gives custodianship the speed required for the fast-moving financial markets with the security to protect against human error and common cryptocurrency threats.
"We are thrilled to work with Ledger and their institutional grade digital asset custody solution - Ledger Vault,” Crypto.com co-founder and CEO Kris Marszalek said.
“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."