The Ledger Enterprise Tradelink network, announced recently to have signed up a number of crypto exchange and broker partners including Crypto.com, Bitstamp, Huobi, Uphold, CEX.IO, Wintermute, Coinsquare, NDAX, Damex, Bitazza, Flowdesk and YouHodler.
With an open, enterprise-grade trading platform created to satisfy their risk management and regulatory standards, Ledger, a company best known for its cryptocurrency hardware storage devices, is aiming its trading services at institutions. In addition to Crypto.com, Bitstamp, Huobi, Uphold, CEX.IO, Wintermute, Coinsquare, NDAX, Damex, Bitazza, Flowdesk, and YouHodler, the Ledger Enterprise Tradelink network has also signed up a number of other cryptocurrency exchanges and broker partners.
Firms are looking for transparency and alternatives to holding assets on vertically integrated cryptocurrency exchanges in the wake of incidents like FTX’s collapse last year. In light of recent legal actions brought by US regulators against Binance and Coinbase, there are additional worries about how market infrastructure will develop, according to Sebastien Badault, VP Enterprise at Ledger.
According to Badault in a recent interview, “This solution connects custodians, OTC brokers and exchanges and allows you to trade without having funds on the exchange, thereby removing that exchange risk.” In the future, there may be a lot more regulation on how you can transfer your risk, so working with several custodial partners and fund managers will undoubtedly be beneficial.Several custodial partners are permitted access to Ledger’s enterprise network, including Komainu (a Nomura-supported organization of which Ledger is a member), TetraTrust, Etana, Crypto Garage, Damex, and Kryptodian.
Firms using the new network won’t be forced to use any one platform, according to Ledger, because it is accessible to several custodial ones. According to a news release, Ledger Enterprise also provides real-time monitoring of collateral balances and operational condition for all parties with no transaction fees.
Meanwhile, In a statement, Crypto.com President & COO Eric Anziani noted that “Ledger’s innovative Trading Operation technology not only heightens security, but also fosters a regulation-friendly landscape for institutional trading.”