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.
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.
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.
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