Cryptocurrency News

Crypto Hardware Wallet Ledger’s Asian Expansion Plans

Ledger known for protecting Cryptocurrencies with their popular multi currency hardware wallets is looking at expanding in Asia. It plans to utilize its new branch in the Asian busy town of Hong Kong, where Benjamin Soong is heading the Asian Pacific region.

In an exclusive interview with EJ Insight, Soong highlighted the severals ways Ledger will be looking out to expand in Asia.

Ledger’s Current Business Model

Ledger’s primary objective is to secure Cryptocurrencies in its advanced wallets which include the Nano and Nano S. Currently it ships to 165 countries, with a total sale of 1.5 million so far, with a whopping US$46 million in revenue recorded in 2017.

The latest offering is the Ledger Vault targetted towards the institutions such as hedge funds, crypto funds, exchanges, banks and custodians.

Ledger also is focusing on the Internet of Things in relation to security points.

The Asian Crypto Market

In the interview Soong, spoke about the importance of China and Korea in terms of Cryptocurrency markets. He touched on some interesting statistics such as 70% of the biggest Cryptocurrency exchanges being based in the Asia Pacific region with the right mix of retail and institutional investors.

Soong specified that exchanges are what needs to be protected at the present moment. It is likely that Ledger could partner up with exchanges to provide a secure Cryptocurrency wallet given that Cryptocurrency exchanges are being targetted by hackers.

Questions still remain in terms of Cryptocurrencies in the two most populated countries in the world – China and India. While China is over-regulated, the scenario could change soon given that certain areas have showcased their Blockchain and Crypto presence. As for India, a number of Cryptocurrency enthusiasts such as Blockchained India are doing all they can to help gain a more favourable legal environment for the digital assets.

With companies like Ledger displaying their active interest in Asia, it showcases the rapid developments taking place for Blockchain and Cryptocurrency in the region.

Samsung SDS launches blockchain-powered banking certification platform

Samsung SDS, a subsidiary of South Korea’s largest IT company, has announced that it has created a banking certification platform called ‘BankSign’ based on blockchain technology.

Flexible Certifications

The platform will greatly enhance the streamlining process of carrying out inter-bank transactions. BankSign has been developed with the cooperation of the Korea Federation of Banks, which will enable its users to conduct transactions across various banking mobile systems.

The prominent feature of the platform is that it requires only single certification among all the banking systems, which will greatly reduce processing times and complexity. Moreover, there are multiple ways to make the certification which includes fingerprints, passwords and patterns.

SDS says that fool-proof security is ensured by connecting this data-sharing network and bank’s systems. This sharing process will prolong the validity of the certification for up to three years. Overall, unchecked alterations and forgeries are nearly impossible to make with the deployment of blockchain technology. According to a Samsung SDS spokesperson:

”BankSign will be the first banking services application designed on the well-known blockchain technology. The company will keep striving to expand the digitization of its businesses which will promote competition between financial and banking institutions”

Constant Innovation

SDS was established in 1985 to act as the information technology arm of the Samsung. It provides technical services, IT education, IT consultancy and various types of outsourcing services. SDS is continuously expanding its business by investing heavily in modern technologies like the blockchain, artificial intelligence (AI) and the internet-of-things (IoT).

SDS operates Korea’s largest IT education institute and requires all its employees to dedicate 10% of their individual working hours to education. Last year, SDS launched its blockchain-powered business platform called Nexledger which was designed to achieve cost-efficient management of data exchange and financial transactions between different corporations.

Remember folks, Crypto is coming!

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