Legacy Trust Ensures Safeguards for Digital Assets

Asia Blockchain Review
September 5, 2019
Legacy Trust Ensures Safeguards for Digital Assets

Developments in the cryptocurrency and blockchain industry have encouraged new projects and new investment opportunities for traders in the industry. Though regulators are trying to keep pace with these new technologies, there have been incidents and loopholes which have put digital assets at risk, such as the QuadrigaCX case in Canada. 

In December 2019, the firm’s CEO moved millions of dollars’ of cryptocurrencies from user accounts to other exchanges before he passed away, resulting in customers losing large sums of their investment.

Addressing Risks with Custodians

With cases like this, Legacy Trust CEO Vincent Chok said that when a firm lacks a custody solution, assets could go missing, affecting users and causing serious consequences.

“I am sure that by now, we have all heard of the QuadrigaCX incident. If investors had safeguarded their digital assets, in the structure of a trust or otherwise, they could have avoided being one of the victims,” Vincent said.

He added that to provide enhanced safeguards for customers, Legacy Trust, based in Hong Kong, has been cooperating with Ledger, a France-based hardware wallet producer, to launch “the world’s first institutional-grade digital asset custody service,” called Ledger Vault.

PwC Ready to Provide Cryptocurrency Services to Clients

Providing Crypto-Related Custody Services

Vincent revealed that the firm’s experience spanning two decades has enabled it to handle different types of digital assets going forward. Meanwhile, he has a positive outlook for the crypto market in Malaysia.

“We think the market is still in its early stages […] People are afraid of not complying with the regulations […] they do not dare to explore or expand their businesses by leveraging blockchain technology or anything related to digital assets,” he concluded.

Source: https://www.theedgemarkets.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Rohan Hall Talks DX and Covid-19
    Asia Blockchain Review recently caught up with Rohan Hall about his company, Vottun, and its solutio...

    July 15, 2020

    Vottun’s Solution To Reopen Sports Amidst Covid-19
    Vottun recently unveiled its Blockchain-backed COVID-19 Test Result Verification to Help Sports Reop...

    July 15, 2020

    Uncertainty Is The New Normal For APAC Fintech Players
    Asia Blockchain Review had the opportunity to talk to Celeste Goh, Fintech Analyst at S&P Global Mar...

    July 13, 2020

    It’s No Surprise : Celeste Goh On APAC’s Fintech Funding Dip
    It was reported recently that the APAC fintech funding scene had experienced quite a slump. Asia Blo...

    July 12, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us