Ledger is a well-known name in the digital asset space, especially since it is a wallet firm, and it makes offline storage for cryptocurrencies known to be more secured than hot storage. The firm announced that its expansion plans involve the creation of Ledger Enterprise Solutions. The new business would be mainly for institutional buyers who want to store their digital assets significantly since the bulk of cryptocurrencies might affect its security.
The proposed creation targets big names in the digital asset space, including firms that have invested billions into cryptos, such as firms Tesla. Tesla is an electric car firm that invested around $1.5 billion in Bitcoin, meaning that it holds an enormous crypto investment requiring adequate custodian services.
Ledger plans to expand services
Previously, Ledger worked mostly with retail or small-scale investors, which have utilized the firm’s services to protect their assets from intruders appropriately. Hardware wallets offer better security to digital assets than the online counterparts, as bad players are unlikely to access cold-stored digital assets.
The Hard wallet keeps assets safe, and the business has created two different models to meet consumer needs. The business offers Nano S for $59, while the Nano X is around $119. While still having retail clients as the primary customer base, the firm wants to explore the institutional investors’ market.
The Vault was launched in 2018 and has helped individuals and businesses that want services that beef up security for the virtual assets while still accessing the cryptos regularly. The firm has announced that some of its clients are crypto.com, a crypto trading platform, and CoinShares, which offers consulting services to people interested in digital assets.
The new solution would be supported by the Vault and adding newer services, such as consultation, auditing, security, and virtual asset governance. The business’s Vice President of Business Solutions, Jean-Michael Pailhon, revealed some information regarding the new addition via a press release.
Institutional buyers inspired the new business unit
The unit head explained that the presence of more institutional investors having large crypto holdings in their balance sheets makes the firm understand the need for business-grade custodian solutions, which would help investors store and secure their assets. He added that the firm’s mission is to help the digital asset space become a multi-trillion-dollar industry.
Many crypto-related firms are committed to offering numerous services that have helped the industry grow tremendously within the past few years. These movements have helped more customers make a concrete decision that has helped their lives financially and business-wise.
Last year marked a significant year for Bitcoin as the asset saw heavy purchases from institutional firms, especially MicroStrategy. The business intelligence firm bought Bitcoin at different intervals within the last year, which has helped it make significant gains while pushing for Bitcoin’s widespread adoption.
The firm said that Bitcoin purchase is part of its treasury allocation, and it presently makes up over 70% of the firm’s balance sheets. This decision has helped other firms confidently purchase Bitcoin and has helped the asset grow in worth within a short while.