Crypto Custody Provider Ledger Extends Reach in Asia With New Institutional Client

Digital asset storage provider Ledger is partnering with FLETA, a South Korea-based blockchain platform, for decentralized applications to provide custodian services compliant with local laws.

The French startup has been trying to extend the reach of its institutional-level services with Ledger Vault, building on the success of its nano wallets, which primarily targeted retail crypto holders.

Woo said the partnership with FLETA reflects Ledger's shift in Asia towards helping large-scale institutional clients be compliant with regulators across different jurisdiction in the region.

"We are helping crypto companies, such as exchanges, funds and custodians, to basically abide by the regulations when it comes to wallet management," Woo said.

"Our biggest priority is Ledger Vault."

Ledger is in the process of building a joint venture with the U.S.-based investment firm Global Advisors and Japanese financial services giant Nomura.

The new firm, named Komainu, will offer digital asset managemnet services to institutional investors while helping clients integrate crypto with traditional investments instruments such as mutual funds.

Ledger claims its Vault offering requires multiple layers of authorization, which in turn requires a greater degree of involvement from a client's operations team to withdraw assets.

Woo said Ledger further backs up its clients' assets with a customized insurance policy, referencing the company's partnership with Lloyd's of London syndicate Arch.In November, insurance broker Marsh arranged a $150 million insurance policy from Arch for users on the Ledger Vault technology platform.

"My experience is that insurance is actually very hard to get for many crypto startups because they don't have a track record," Woo said, noting insurance could be critical when a crypto company seeks approval for financial regulators.