French hardware wallet producer Ledger is set to provide its secure crypto infrastructure solution to regulated Canadian crypto exchange National Digital Asset Exchange (NDAX), according to a press release shared with Cointelegraph on April 29.
NDAX — which offers crypto asset trading services for both retail and institutional clients — will use Ledger’s institution-grade wallet management solution, dubbed Ledger Vault.
Ledger Vault provides a multi-authorization governance infrastructure for crypto assets, and has been designed with enterprise and institutional custodian and asset managers’ needs in mind, according to the press release.
The solution’s governance framework reportedly enables users’ private keys to be stored in isolation in order to reduce custodial risk, as well as offering segregated crypto asset accounts protected with multi-signature technology.
Its security offerings further include a hardware security module (HSM) with N-signature support, which can grant emergency key access to pre-authorized legal and accounting firms.
The press release emphasizes that Ledger Vault is engineered to provide fully operational cold storage and liquidity management, as well as to help clients comply with regulatory requirements.
In his statement, NDAX founder and CEO Bilal Hammoud made explicit reference to the loss of customer funds in this year’s high-profile QuadrigaCX incident, which he said has heightened awareness of the need for secure and trusted custodian solutions for users’ crypto assets.
Ledger Vault will reportedly be used for all crypto assets supported by the exchange, including bitcoin (BTC), ether (ETH) and XRP.
As previously reported, Ledger partnered this March with Hong Kong trust company Legacy Trust to develop Ledger Vault and provide institution-grade crypto custody services based on the solution.
In March, Cointelegraph reported that Swiss banking group Swissquote will offer crypto custody services after having traded five major cryptocurrencies since 2017.
