In a move indicating the rapid evolution of the cryptocurrency ecosystem, the leading cryptocurrency custodian service, Ledger, has announced it plans to scale up the number of cryptocurrencies on its platform to more than 100 by the start of year 2020.
The France-based cryptocurrency wallet and custodian provider has announced a phase wise plan, according to which it will “add support for new crypto assets on the first Tuesday of each month, starting in August, with a goal of having more than 100 supported by the end of 2019,” reports CoinDesk.
The startup, which provides security and infrastructure solutions for cryptocurrencies and blockchain applications, currently supports around two dozen different cryptocurrency tokens. This week it is adding support for Tron (TRX) and ZCoin (XZC).
Target Customers: Institutional Investors
Ledger's planned move is seen as an aim to fulfill the growing requirements for multicoin solutions, in particular from institutional investors. In an exclusive interview with CoinDesk, CEO Eric Larcheveque said, "If we want to sign those [institutional] customers, we don't have a choice. We have to support the top 100 cryptos, minimum."
With an increasing number of players, in particular hedge funds and other institutional investors, jumping on the crypto bandwagon, the bet to offer custodian services is paying off for service providers. A large number of crypto holders—including individuals with large holdings, the so-called whales—are looking for safe havens to secure their virtual holdings. With more cases of hacks and thefts making headlines, such safe storage services are in high demand. However, the competition is also getting intense. (See also: How the Winklevoss Twins Store Their Crypto Fortune?)
Ledger’s competitors have been raising the bar in recent times with similar support to multicoins. BitGo, another prominent service provider offering multi-sig security, full custody and multi-user access controls, recently added 57 ethereum-based digital assets to its custody services exclusively for institutional customers.
While institutional customers are looking for robust safeguarding solutions that mainly include hardware wallets, retail clients look for ease of use through associated apps that they can operate on their handheld devices. Ledger is attempting to address demands from both groups. This week, Ledger launched an updated version of its hardware wallet's companion app called Live. It will facilitate the company to easily push the future upgrades to support newly added cryptocoins. (See also: What Are the Safest Ways to Store Bitcoin?)
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