Ledger, best known for its cryptocurrency USB hardware wallet, is creating a new division around Ledger Vault, Ledger Enterprise Solutions. Ledger Vault is the custody technology platform targeted at institutional digital assets.
The new division, which also provides consulting, is already 50 people strong, with plans to hire another 60 in 2021.
“Ledger Enterprise Solutions represents our company’s investment in the future of broad-scale financial adoption of cryptocurrencies and other digital assets by enterprise-class businesses,” said VP of Business Solutions, Jean-Michel Pailhon. “Our mission is to enable the digital assets industry to become a multi-trillion dollar industry.”
Current clients include Komainu, Crypto.com, UpHold, Bank Frick, BitStamp, Nexo, and others. Komainu is a digital asset custody joint venture with Nomura and CoinShares, which raised $25 million in a Series A last week.
The digital asset custody space is red hot at the moment, with one of the technology solutions Curv recently acquired by PayPal. Other prominent players include Anchorage, and Metaco, but there are dozens with more entering the space.
For example, Austria’s RIDDLE&CODE, which one might consider an IoT company with a blockchain angle, has recently launched an institutional token management platform. It provides solutions to Börse Stuttgart Digital Exchange and a private Swiss bank.
The main current custody driver is the increased interest in cryptocurrencies from institutions. The institutions that have announced initiatives in the last four months include BNY Mellion, Standard Chartered and Northern Trust, DBS Bank and BBVA.
At the same time, central banks are also exploring the potential to issue digital currencies and capital markets enterprises are ramping up digital asset initiatives to tokenize the multi-trillion stock and bond sectors and real estate.
