Fumbi has launched the Ledger Vault - the safest cryptocurrency storage
Published: 14. 10. 2020 ·
Fumbi raises the safety of cryptocurrency storage to the highest level possible. Fumbi has implemented the Ledger Vault technology, which has made it the first service company in Central and Eastern Europe to store cryptocurrencies on this most secure platform.
Ledger Vault's long-in-the-making implementation of secure cryptocurrency storage is now complete. As of October, Fumbi is fully transitioning to this new system, thanks to which it will soon launch new products, too.
What is the Ledger Vault?
The backbone of the Ledger Vault system is security hardware modules protecting private keys, operating in a system called BOLOS. These modules are controlled by hardware gateways in the form of personal access devices, used for authorizing transactions.
Transactions are subject to a strict authorization procedure that maximizes the security of the cryptocurrencies stored. At the same time, clients' assets are protected against attacks with an insurance policy of up to a total of EUR 150 million.
Why is Ledger the number one on the market?
In the world of cryptocurrencies, Ledger Vault has become synonymous with security, as it brings key security features such as multi-level transactions approval through personal access devices. Today, this system is used by the largest institutions in the world of cryptocurrencies, such as CoinShares, Crypto.com, or the Legacy Trust and it secures assets worth tens of billions of euros.
David Stancel, CTO Fumbi.network
“We chose Ledger Vault because we don't want to make any concessions in terms of security, and our goal is to provide our clients with the safest possible solution available on the market. As a result, we are becoming a leader in securing digital assets in Central Europe.”
Why has Fumbi switched over to the Ledger Vault?
So far, Fumbi has stored client cryptocurrencies in offline-generated paper wallets. It is a secure but complicated method of storage, which is very inflexible with a large number of transactions. With a steep increase in clients that Fumbi has recorded this year, the storage has had to change and improve. The Ledger Vault is a way of setting up institutional administration of higher quality. It provides multi-level protection while preventing unauthorized withdrawals.
New storage service
Thanks to joining forces with the Ledger Vault, Fumbi has been able to introduce a new service. Investors who have bought cryptocurrencies on the stock exchanges and want to keep them as safe as possible can move them to Fumbi’s custody. The service is also available to current investors using Fumbi.