Crypto.com Partners with Ledger to Provide Custody Solution

Cryptocurrency and Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term platform Crypto.com announced this Thursday that it has joined forces with Ledger, a big player in security and infrastructure solutions for crypto and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term, to provide its institutional-grade custody solution.

Ledger Vault, the core business unit of Ledger, is a crypto wallet management solution that requires multiple authorizations. Through the partnership, Crypto.com will use Ledger Vault to manage its own funds as well as its clients’ digital assets.

Because Ledger Vault has multi-authorisation rules, the custodian of the wallet is able to create, authorize, and broadcast transactions to the chain. This can be done without needing multi-signature participants in the same room.

According to the statement, by doing this, custodianship becomes a process that can be scaled in a fast-moving global market, while still being protected against threats to cryptocurrency - such as hacking, human error, etc.

Commenting on the partnership, Kris Marszalek, Co-Founder and CEO of Crypto.com, said: "We are thrilled to work with Ledger and their institutional grade digital asset custody solution - Ledger Vault. 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."

Security Remains Top Concern for Crypto

Security in the cryptocurrency industry has long been one of the biggest threats to the industry. Hacking, in particular, is a threat to both exchanges and traders alike, with even top exchanges such as Binance falling prey to hackers.

"By using Ledger Vault, Crypto.com will give their customers peace of mind that their assets are fully safe and secure. To support long term growth, the proper infrastructure must be in place. People are taking security and governance very seriously and we're pleased to support Crypto.com in their mission to provide this to their users,” added Pascal Gauthier, the CEO of Ledger.