Uphold, an American payment startup, is planning to beef up its security processes when storing different cryptocurrencies and teaming up with crypto hardware provider Ledger Vault. With this integration with Ledger Vault, Uphold will integrate Ledgers’ institutional custody platform Ledger Vault that allow the company to better safeguard its customers’ funds from malicious actors by adding a further layer of security. According to the Uphold, it will also deploy a new strong, multi-authorization governance model to ensure there are no single points of failure in the management of customer funds.
Uphold Co-founder and CEO J.P. Thieriot said that Ledger Vault integration was mainly driven by customer demand for thorough security measures. This collaboration of Ledger will further provide key advantages to Uphold, such as a multi-authorization governance model, support of new ERC-20 stablecoins and other proxy assets like the Universal Protocol-based tokens, and others. According to Thieriot, the company wants to improve its user experience to the point where clients would feel comfortable storing their savings with Uphold (rather than a traditional bank).
In May last year, Ledger Vault was first rolled out as a digital asset security tool and targets institutional investors. Then in last November, the firm announced regarding expanding its business to New York, and appointment of a former Intercontinental Exchange (ICE) executive as head of global operations. Recently, the company declared that its Ledger Vault would be used by Canadian crypto exchange National Digital Asset Exchange (NDAX) to secure its assets.