Ledger hardware wallet opens New York office to develop institutional custody offering

Lizzy Murray

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Ledger, the cryptocurrency hardware wallet manufacturer officially announced it will open a New York office part of the development of the Ledger Vault institutional custody offering.

Pre-access for Ledger Vault went live in May and Demetrios Skalkotos, former executive at Intercontinental Exchange (ICE) has been recruited to lead the project’s global business unit operations. In the release, Skalkotos stated:

“New York City is the center of the financial world, hence having our Ledger Vault operations based in the region was a natural fit,”

The Ledger Vault is a type of custody solution that allows multiple members of a corporate identity to access the same cold storage wallet. Ledger has sold over one million hardware wallets in 2017 and back in July they revealed their intention to draw in tech giants such as GV, Google’s venture arm, and Samsung for future funding rounds.

Skalkotos says that potential clients are already in need of options for enterprise security custody management.

“Secure storage of large multi-cryptocurrency funds is a highly complex challenge that cannot be solved by just implementing procedures,”

“Institutions are looking for safer storage options along with integrated governance policies, but don’t want to sacrifice convenience.”

,added Skalkotos.

Just last month payment network Square open-sourced its own cold storage tool. It’s also worth mentioning that last week, hardware manufacturer Trezor informed that counterfeiters are heavily targeting the industry with almost 50% of the wallets being counterfeit.