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YouHodler Introduces Ledger Vault's Advanced Custody and Security Options to the Platform

The YouHodler Team
June 24, 2020
ledger, youhodler, cryptocurrency, crypto news, bitcoin, buy bitcoin, ethereum,

After much anticipation from our community, we are proud to announce that YouHodler is incorporating Ledger Vault’s technology into the platform which will produce advanced custody options for all users. Providing the absolute best level of security and insurance has always been a top priority for us and now, it’s a reality with the addition of a secure cryptocurrency solution to custody digital assets. 

Introduce yourself to Ledger Vault

Ledger Vault is a core business unit of Ledger, a leader in security for cryptocurrencies and blockchain applications. Leveraging Ledger’s industry-leading and independently-certified security technology, the Ledger Vault provides information technology infrastructure for financial institutions to securely control their crypto assets with a multi-authorization self-custody management solution. With a global team of more than 200 professionals, Ledger develops a variety of products and services that safeguard crypto assets for individuals, companies, and connected devices. 

YouHodler uses Ledger as an integrated part of it’s hot and cold crypto wallets. 

With Ledger Vault, YouHodler:

  • Avoids the risk of a hack: All cold wallet private keys are isolated, stored, and encrypted within a hardware security module, and are never directly handled by day-to-day operators. 
  • Reduces risk of human error: Key usage for signatures is strictly controlled by the strong governance rules. The access to the Vault is distributed among different managers with different functions and access rights and mandatory multi-signature principles.  
  • Maintains a level of systems flexibility and instant access to funds. This is possible because of a combination of both hardware and software solutions.
  • Still has an independent security system: Ledger never holds YouHodler’s keys or its managers. A backup recovery mechanism ensures we can independently recover our funds at any time without needing to use the platform.

The system has no limits for scalability. 

YouHodler supports more than fifteen of the top cryptocurrency coins/tokens and stablecoins, of which the large majority are supported as well by Ledger.

Ledger Vault: $150 million in pooled crime insurance

In 2019, Ledger Vault worked closely with the leading broker and risk advisor (Marsh) and one of the leading underwriters of crypto-asset insurance, Arch UK Lloyds of London syndicate to build what is now a customized program for Vault clients. As a result, YouHodler now has access to Ledger Vault’s crime insurance program that insures crypto assets for up to $150 million including against YouHodler employee theft caused by collusion and third-party theft of private keys/master seed in the event of a physical breach of hardware security. 

YouHodler continues to grow and security is our biggest concern

As YouHodler continues to grow and obtain more clients around the world, we are always looking for new ways to improve our security capabilities. Ledger Vault technology allows us to take complete advantage of the security potential found in blockchain technology and give our clients new levels of service on all levels. This will further reinforce YouHodler as one of the most trusted blockchain-based FinTech platforms in the industry.

“We first approved Ledger because we were looking for a solution to secure our client’s crypto assets efficiently and securely without sacrificing on liquidity,” said YouHodler CEO Ilya Volkov. “Fortunately, Ledger Vault combines the best of both hardware and software solutions to provide YouHodler with the asset security we always wanted as well as certain business advantages to support our rapidly-growing platform.”

YouHodler is more trustable than ever before

This latest announcement makes YouHodler more safe and trustable than ever before. We understand becoming an “active HODLer” comes with some sort of risk, but now, that risk is insured from any malicious acts. We hope this will give you increased confidence to get out there and activate your crypto portfolio. There are plenty of reasons to do so. If you need help or have more questions about this news, contact us at support@youhodler.com today. 

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