During the Blockchain Live event in London we listened to the speech of Alexandre Lemarchard, Vice President of Global Sales at Ledger Vault, or the branch of the French company that is responsible for securing cryptocurrencies for financial institutions.
Defined by him as the “4th industrial revolution as the Internet of money”, cryptocurrencies also “bring a lot of issues: transparency, cybersecurity and stability risks” that Ledger wants to solve, at least for what concerns security.
Transparency, he explained, can also be a problem because, “due to their decentralized nature, no government body, bank or authority has control over cryptocurrencies”, which can be a problem sometimes.
We have to remember, in fact, that in 2019 4 billion dollars in cryptocurrencies were stolen ($1.7 billion more than 2018), so this is why companies like Ledger – and Ledger Vault – are becoming more and more important, also because cold storages are not enough.
“Cold storage alone is not a security for the future, because it doesn’t isolate private keys and it doesn’t have flexibility because means limited access to funds. The investor wants to benefit from the market 24/7 as bitcoin allows that.”
According to Ledger, there are four critical elements to look at when people want to choose a safe storage for their own digital currencies: security, governance, regulation and efficiency”: of course, all of them are respected and followed as strict rules by Ledger, for example, like their Ledger Nano S, but not from all the cold storage companies unfortunately.
Of course, talking about regulation, Lemarchard could not avoid to mention Facebook’s perhaps upcoming stablecoin, saying:
“Libra is rising a lot of concerns. All regulatory bodies are trying to control it”