French crypto hardware firm Ledger will provide its technology to American payments startup Uphold to improve security, according to a press release shared with Cointelegraph on May 13.
Formerly known as Bitreserve, Uphold will reportedly incorporate Ledger’s institutional custody platform Ledger Vault to boost its anti-hack protection by adding an additional layer of security.
J. P. Thieriot, co-founder and CEO of Uphold, said that Ledger Vault integration was mainly driven by customer demand for thorough security measures.
According to the press release, the integration of Ledger’s tech will enable a number of key benefits for Uphold, including a multi-authorization governance model, support of new ERC-20 stablecoins and other proxy assets such as the Universal Protocol-based tokens, among the others.
Ledger Vault first rolled out in May 2018 as a digital asset security tool targeting institutional investors. The firm subsequently announced that it was expanding its business to New York in November 2018, also appointing a former Intercontinental Exchange (ICE) executive as head of global operations.
Recently, Ledger announced that Canadian crypto exchange National Digital Asset Exchange (NDAX) would use Ledger Vault to secure its assets.
Yesterday, major crypto exchange Binance announced that the platform was planning to fully resume deposits and withdrawals, following a major hack that resulted in the loss of $40 million worth of bitcoin (BTC).