Cryptocurrency exchange Bitstamp is in the news after it announced that it would be using the Ledger Vault to securely store its crypto-assets, while enabling advanced custody options. According to the press release dated 15 October, the Ledger Vault’s flexible wallet tech infrastructure will allow the exchange to set up a secure and polished custody system with end-to-end hardware backed transfers.
According to Alexandre Lemarchand, Vice President of Global Sales at Ledger, Bitstamp had approached them, seeking a solution to secure its crypto assets without compromising on liquidity. According to Bitstamp CTO David Osojnik,
“Providing the ultimate level of security is our top priority and different types of customers have different requirements regarding storage. To provide the best possible service, we decided to integrate an additional secure crypto solution to custody digital assets. Ledger Vault’s state of the art tech will allow us to provide more options when it comes to the way assets are stored, without compromising security or performance.”
Ledger also claimed that it will allow better management of assets in storage and enable a strong multi-authorization governance model to ensure that there are no single points of failure on the exchange. In the press release, Ledger CEO, Pascal Gauthier, said,
“We are in 2019 and crypto assets still remain vulnerable in ways that other assets don’t. Forward-thinking exchanges like Bitstamp understand the importance of endpoint security to safely guard cryptocurrencies. I am thrilled to see them adopt the Ledger Vault technology to securely store their digital assets. Our solution will provide Bitstamp with an unparalleled level of security and agility, ensuring peace of mind to their retail and institutional customers.”
On 9 October, Bitstamp had announced that BitGo would provide crypto-custody services for assets under management at the exchange, wherein the assets will be stored offline in their bank-grade Class III vaults.
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