The major cryptocurrency platform, Crypto.com, announced its collaboration with Leger, a major crypto security solution provider on Thursday to the news media. The strategic move gives Crypto.com an advantage by providing an institutional-grade custody solution to its users.
Ledger Vault is a security-intensive crypto wallet management solution. As the Vault requires multiple authorizations, Crypto.com plans to use the same to its security advantage by managing client’s and company’s digital assets.
The Ledger Vault has multi-authorization rules which enable financial institutions to run digital assets operations at higher speed and scale without compromising the security standards. The wallet the custodian can create, authorize and broadcast transactions at lightning speeds without the presence of multi-signature participants in the same room.
By partnering with Ledger, the company will be able to manage the custodianship of the digital assets at a competitive speed without exposing the assets to hackers or human errors.
Kris Marszalek, Co-Founder and CEO of Crypto.com, stated that the company is looking forward to work with Ledger Vault. The partnership will bring institutional grade digital asset custody solutions to assets held by Crypto.com. Using the vault, Crypto.com ensures client’s funds will always be held in cold storage. According to Pascal Gauthier, CEO of Ledger, the Ledger Vault will support long term growth of Crypto.com.