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To develop institutional custody, hardware wallet provider Ledger opens its services in New York

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Ledger, cryptocurrency hardware wallet manufacturer is expanding its services to New York as part of its development of institutional custody to offer ledger vault, as per the reports from Cointelegraph on November 26.

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Ledger launched their pre-access for Ledger Vault last May, has appointed Demetrios Skalkotos, former Intercontinental Exchange (ICE) executive to head it’s global initiatives.

In the press release shared with a crypto media outlet, Ledger CEO Pascal Gauthier said, “New York City is the center of the financial world, hence having our Ledger Vault operations based in the region was a natural fit.”

With the trend to serve the institutional investors for businesses growing, Ledger joins the non-crypto operators, including ICE, to prepare the base for what seems to be the expanding demand of client of corporate sectors.

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Despite the delay of six-weeks, ICE’s Bakkt platform will likely to gain regulatory approval to offer services of physically delivered Bitcoin futures ex[ected to start from the end of January, next year.

Contrast to it, the vault from Ledger is a form of custody solution to allow multiple users of a corporate entity like of a hedge fund to access the same cold storage wallet in July. It announced that it sold out more than one million hard wallets last year, notably, they were planning to pursue the tech leaders like Google and Samsung’s venture for the upcoming funding rounds.

As per Skalkotos, would-be-clients are already asking options for management security custody for enterprises. He said, “Secure storage of large multi-cryptocurrency funds is a highly complex challenge that cannot be solved by just implementing procedures,” adding, “Institutions are looking for safer storage options along with integrated governance policies, but don’t want to sacrifice convenience.”

Square, the payment network, last month took steps to open source its own cold storage tool, whereas the fellow hardware provider Trezor last week issued warning that counterfeiters are in plan to target industry with an influx of nearly one-for-one counterfeit wallets.

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