Crypto Platform Uphold To Integrate Ledger Vault To Boost Security

Announcements, News | May 14, 2019 By:

Cryptocurrency platform Uphold will be integrating Ledger Wallet’s technology to boost its security processes.

Uphold, formerly Bitreserve, is a cloud-based financial services platform enabling users to convert deposits to their account via bank account, credit card, and cryptocurrencies into reserve-backed currencies and commodities. Uphold claims to have facilitated over $2 billion in transactions across 184 countries, in more than 30 supported currencies and four commodities.

Founded in 2014, Ledger develops security and infrastructure solutions for cryptocurrencies as well as blockchain applications for individuals and companies, by leveraging a distinctive, proprietary technology. The company’s products include the Ledger hardware wallet line, which has already sold in nearly 170 countries.

During CoinDesk’s Consensus 2019, Uphold announced that it will integrate Ledger’s institutional custody platform Ledger Vault to secure users’ crypto funds from hacks and other activities that could lead to losses. The integration will reportedly enable a number of key benefits, including a multi-authorization governance model, support of new ERC-20 stablecoins and other proxy assets, such as the Universal Protocol-based tokens.

““It’s always been our view that security’s been the most important issue with respect to mass adoption with cryptocurrencies and blockchain in general, Uphold co-founder J.P. Thieriot said in a statement. “The only reason people would take a risk of moving their money away from the boring old bank on the corner is if they can derive benefits [from] taking the plunge.”

Launched in May 2018, Ledger Vault is a multi-authorization cryptocurrency wallet management solution enabling financial institutions to build digital assets operations at speed and scale.

“We’re trying to provide a technology infrastructure, both software security integrated with secure elements and hardware,” said Ledger Vault global head Demetrios Skalkotos.