Hong Kong-licenced and public trust company Legacy Trust and Ledger, a global leader in security and infrastructure solutions for cryptocurrencies and blockchain applications, are introducing the world’s first institutional-grade custody solution, to help accelerate the flow of institutional money into digital assets.
“The combination of Ledger’s technological versatility in safekeeping digital assets with Legacy Trust’s regulatory standing provides a complete and permanent solution to the issue of custody in the digital asset space, that did not exist until now.”
– Vincent Chok, Group CEO of Legacy Trust, which provides custody services to exchanges, OTC desks and other investment funds.
Using Ledger Vault, a multi-authorization wallet management tool for digital assets, Legacy Trust can now securely and efficiently provide custody for major digital assets such as Bitcoin with the added hardware security benefits. This has also enabled Legacy Trust to start offering custody of ERC-20 tokens.
“Secure storage of large digital asset funds is complex, and institutions are looking for safe, comprehensive and integrated storage solutions. By leveraging the Ledger Vault solution, Legacy Trust will ensure that investors have total control and peace of mind that their assets are secure, while not sacrificing convenience.”
– Demetrios Skalkotos, Global Head of Ledger Vault.
Investors’ confidence in the ability of crypto-businesses to safely self-custody client assets is at an all-time low due to recent high-profile cases of security breaches and mismanagement of assets such as the QuadrigaCX scandal.
This solution intends to bring about a new era of stability and trust by allowing digital asset exchanges, OTC desks and funds to appoint an independent qualified custodian without affecting the operational side.
Ledger Vault, an enterprise infrastructure technology platform, brings the security and trust that consumers have come to know from the company’s consumer offering, the industry-leading Ledger hardware wallets, but has been specially engineered with the needs of enterprise and institutional clients in mind.
With Ledger Vault’s multi-authorization rules, the custodian has the ability to create, authorize and broadcast transactions to the chain within seconds without multi-sig participants having to be in the same room.
This makes custodianship a process that is scalable in a fast-moving global market, whilst remaining secure against human error and common crypto threats.
Legacy Trust, founded in 1992, was initially established as a traditional pension and family trustee before becoming a leading custody service provider of digital assets.
“This evolution of our digital asset custody services is a big step towards our goal to help drastically accelerate the flow of institutional money into digital assets and to help target the flow for the best trade-off between opportunity and risk,” said Chok.