Cryptocurrency, Featured

How Legacy Trust And BitGo Offer Their Custody Service

Legacy Trust is a Hong Kong trust company who will start offering an Ethereum-based ERC-20 compliant token custody service in collaboration with a French hardware wallet producer called Ledger.

The CEO and founder at Legacy Trust Group Vincent Chok told CoinDesk, “There is huge interest in ERC-20 custody services and it’s only growing bigger. Every STO [security token offering] that is planning to take place will need to have custody for ERC-20 tokens. Since the beginning of 2019, we’ve basically received around five requests for ERC20 custody, per week.”

The collaboration will also offer an institutional-grade custody service. The main purpose of the service is to increase the movement of institutional money into digital assets. Clients can secure digital assets like Bitcoin using a multi-signature cryptocurrency wallet management product of Ledger called Ledger Vault.

Demetrios Skalkotos, the global head of Ledger Vault, said that the collaboration would ensure investors to have “total control and peace of mind that their assets are secure, while not sacrificing convenience.”

In January 2018, Ledger announced about the Ledger Vault solution development. It is said that the product would be available for institutional investors [banks and hedge funds]. The Institutional investors are increasingly focusing on the cryptocurrency sector and therefore many traditional financial firms jump into custody services in order to meet the growing needs and requirements related to advanced storage security,  CoinDesk reported.

Another custody service is offered by a blockchain security company called BitGo. The service is for a BCAP ERC-20 token taken from Blockchain Capital which is a venture capital company. The BCAP assets can be stored in a new multi-signature wallet, BusinessWire reported. The Co-Founder and Managing Partner at Blockchain Capital Brad Stephens said, “We wanted to ensure that our custody solution for BCAP would be completely secure while easy to manage. When we compared custody offerings, BitGo’s solution was far ahead of the other options in both design and security, so we’re excited to partner with them.”

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Shabnam Dhar is a Copy Editor for OWLT Market.

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