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Ledger and Etana team up to provide secure crypto custody

Ledger and Etana team up to provide secure crypto custody

The companies intend to make it less difficult for institutions to hold digital assets and to increase investor confidence in the market.

Ledger, an offline private-key storage company, is collaborating with cryptocurrency custodian Etana Custody to offer institutional customers in the United States secure, regulated crypto custody, per a press release published on Wednesday.

Customers can use the arrangement to access the more than 1,800 tokens that Ledger supports. This gives them more ways to invest in crypto without having to keep track of their own private keys. It also keeps clients’ money separate and reduces counterparty risks.

In the wake of a regulatory crackdown on the digital assets industry in the U.S., institutional investors have been paying closer attention to adhering to crypto regulations.

Over a dozen crypto trading and lending firms have been hit with penalties, including fines, by the Securities and Exchange Commission (SEC) in the early months of 2023.

As part of the deal, Etana will be able to act as a settlement party for the parties involved in a given transaction. This will allow them to trade digital assets without putting up their own money directly to each other, removing the chance that the deal will fall through.

“It essentially prevents the client from doing the Hokey Pokey, or putting his money in and taking it out before a trade actually settles, leaving the exchange with the settlement risk,” Etana CEO Brandon Russell said.

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