Ledger, a manufacturer of hardware wallets for cryptos, declared the opening of a new office in New York this Monday. According to an explanation published on the blog by the company, the new office intends to improve the institutional business of the company.
The hardware firm also roped in Demetrios Skalkotos to lead the operations at the new office. Formerly Vice President of Intercontinental Exchange, Skalkotos served as Worldwide Head of Desktop Solutions and Content Acquisition for the exchange operator.
Pascal Gauthier, President of Ledger, said “New York City is the center of the financial world, hence having our Ledger Vault operations based in the region was a natural fit. Having spent his whole career working as a leader in enterprise and financial services products, Demetrios Skalkotos is the perfect candidate to bring Ledger Vault to life and oversee its continued growth.”
Now that Ledger has built a number of products for the retail market, it is trying to make progress towards the institutional cryptocurrency area. Since its specialty is in fact the construction of custodial products, institutional players are likely to welcome it.
This is because, as TradAir CEO Viral Tolat pointed out in August, custody is one of the biggest concerns of financial institutions in the area of cryptocurrency.
Ledger has built Ledger Vault in order to provide a solution worthy to these institutions. It claims that the item acts as a secure way to store cryptocurrency and enables multiple client access, as it is for institutional utilization. According to Ledger, Skalkotos will improve its Ledger Vault business, and the Ledger Vault will be the focus of the office in New York. Skalkotos indeed holds special work title of Global Head of Vault.
Skalkotos said “As crypto becomes more widely adopted, it is critical that we scale enterprise-level solutions accordingly. The Ledger Vault does just that — we are the necessary digital plumbing that will provide security custody management to the industry.”
