Ledger, a company best known for its cryptocurrency hardware storage devices, has announced the launch of its Ledger Enterprise Tradelink network, an open, enterprise-grade trading platform designed to meet the risk management and regulatory requirements of institutions. The network has 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.
Sebastien Badault, VP Enterprise at Ledger, said that in the wake of events such as last year’s bankruptcy of FTX, firms are looking for transparency and alternatives to having assets held on vertically integrated crypto exchanges. He added that there are also concerns over how market infrastructure will pan out in light of recent lawsuits from U.S. regulators against Binance and Coinbase.
This solution connects custodians, OTC brokers, and exchanges, and means you can trade without having funds on the exchange, so it removes that exchange risk, Badault said. Looking forward, there’s going to be a lot more regulation potentially around being able to distribute your risk, so that aligning fund managers and multiple custodial partners will definitely be a big plus.
The Ledger Enterprise Tradelink network is open to multiple custodial partners, such as Komainu (a Nomura-backed group of which Ledger is a member), TetraTrust, Etana, Crypto Garage, Damex, and Kryptodian. This means firms using the network will not be locked in, and Ledger Enterprise also offers real-time tracking of collateral balances and operational status for all participants, with zero transaction fees.
Ledger’s innovative Trading Operation technology not only heightens security, but also fosters a regulation-friendly landscape for institutional trading, said Crypto.com President & COO Eric Anziani.