DXM the crypto branch of the Dunamu the Korean market operator will offer safekeeping services in partnership with Ledger, known French hardware firm as we are reading in the coming blockchain latest news today.
Ledger who is the producer of the most popular hardware wallets of the Nano series will offer safekeeping with institutional-grade quality, reports the News Asia. The interested parties will be obtained from the clients of DXM, and also large-scale clients can come from Upbit as the result of the partnership.
DXM will make a synthesis from the Ledger’s Vault Security technology, built on the hardware store, branding the new product as Upbit Safe.
“We are a subsidiary of the largest exchange in Korea and have an advantage over our peers given that we already have a lot of assets we can bring into our custody”
The chief strategy officer of DXM, Eric Yoo, said:
“The combination of the Upbit brand, Ledger Vault’s security technology, and DXM’s own technology will give DXM an edge in the Korean market.”
South Korea was one of the best markets for cryptocurrency trading, particularly during the boom of 2017. Since then, speculative activity has fallen, and a certain quantity was lost. The South Korean government restricted token sales, but in large the sector is still unregulated.
“We’re still pretty young and we’re trying to penetrate different markets with the help of partners that want to use Ledger Vault to meet their needs… DXM has a reputation of being very secure…With the track record that they have in Korea, they can definitely help us scale.” as per Glenn woo the head of APAC of Ledger.
The news of the partnership comes around a week after Upbit lost 342,000 ETH from its cold wallet. At the current time, there are no regulations for the safekeeping of cryptocurrency funds, and inside meddling or human errors are sources of a big risk.
Some of the Ledger devices have been exposed for holding security flaws. Nonetheless using original new hardware wallets is one of the safest and most secure ways to keep private keys. Institutional safekeeping is starting to become one of the instruments for wider crypto usage, and the service is first appearing in Korea.
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