• Latest
Crypto Wallet Maker Ledger to Expand Support for Stablecoins, Including Tether

Crypto Wallet Maker Ledger to Expand Support for Stablecoins, Including Tether

October 31, 2018
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

Crypto Wallet Maker Ledger to Expand Support for Stablecoins, Including Tether

coinnewsdaily by coinnewsdaily
October 31, 2018
in Business
0
Crypto Wallet Maker Ledger to Expand Support for Stablecoins, Including Tether
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

Ledger, the hardware cryptocurrency wallet maker, plans to add support soon for more stablecoins, including expanding tether (USDT)’s usability across all its products and services, executives said.

Currently, the company supports tether for its two handheld storage products, the Ledger Nano and Ledger Blue, but it intends to add the U.S. dollar-linked cryptocurrency to its institutional vault service.

Despite USDT’s recent loss of parity with the dollar amid renewed questions about its issuer’s reserves, Benjamin Soong, Ledger’s new head of operations for the Asia-Pacific region, said the token remains popular there.

“One thing that is slightly unique in China and South Korea is the demand for USDT,” said Soong, an alumnus of S&P Global Market Intelligence and Deloitte, whose hiring Ledger announced Wednesday. “Since both of those countries have capital controls, in terms of your ability to move currency out of the country.”

According to Soong – who is opening the Paris-based Ledger’s first Asia office in Hong Kong – Chinese and South Korean investors are often more comfortable with fiat-pegged currencies or assets that reflect traditional capital markets.

Even after it broke the buck two weeks ago, demand for USDT continues to dominate trading pairs on Asian exchanges like Huobi, where CoinMarketCap shows the volume is up nearly 26 percent in a single 24-hour-period last week.

USDT “is a vehicle that is kind of unique in the market out here, that I’ve seen so far,” Soong said.

Even beyond USDT, Ledger (which also supports MakerDAO’s dollar-linked dai token) will also add other stablecoins as it pursues a major expansion of its custody business, with the goal of supporting more than 100 different tokens by the end of next year. Ledger President Pascal Gauthier told CoinDesk:

“We have a big road of integrating many things right now, including stablecoins.”

New hire

As a capital markets veteran who speaks Mandarin, Cantonese, and Japanese, Soong was the ideal candidate to build out a 12-person team in Hong Kong and evaluate the potential of satellite offices in places like Japan and Singapore, Gauthier said.

“You need to hire local talent, people who understand the local culture,” Gauthier told CoinDesk.

Roughly 30 percent of Ledger’s hardware sales already come from Asian markets, despite a previous lack of presence on the ground.

“This is an asset class where the retail has really led the way, following by the institutional players coming in,” Soong told CoinDesk. However, he added:

“We’re definitely seeing a lot of traditional asset managers and banks start to explore how they are going to enter and support this asset class moving forward.”

Yet when it comes to bitcoin, Soong said traditional asset managers across APAC still prefer to move their funds into crypto when custody solutions can offer the same security and trust level as banks. Hence, Ledger has an institutional custody partnership brewing with the Japanese bank Nomura.

“They [wealth managers] would ultimately prefer to work with traditional financial institutions, which is why partnering with Nomura makes a lot of sense,” Soong said.

Corporations, currency exchanges, and banks in Hong Kong have already started reaching out to inquire about crypto custody solutions, Soong said. “Hedge fund managers, people who were in investment banking, are all moving into this space to help build up the infrastructure for this new asset class,” he said.

Meanwhile, Ledger is also forging closer ties with the Hong Kong-based software startup Internet Online Hong Kong (IOHK), led by ethereum cofounder Charles Hoskinson. Next week, during Hong Kong Fintech Week, Ledger and IOHK will host a joint party for the local crypto community.

Ledger image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.



Credit: Source link

Tags: BusinessCharles HoskinsonCryptoCrypto Businesscrypto custody solutionsDigital Currency Groupmedia outletPascal Gauthier
Share76Tweet48
Previous Post

Changelly Prevented Hackers from Laundering $585,000 Worth of XRP Stolen From BitHumb

Next Post

From Speed to XRP Text, Ripple is Dominating Crypto Innovation

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?
Alt Coin

What is the future of Ethereum (ETH)?

April 22, 2022
Load More
Next Post
From Speed to XRP Text, Ripple is Dominating Crypto Innovation

From Speed to XRP Text, Ripple is Dominating Crypto Innovation

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$23,016.000.78%
  • ethereumEthereum(ETH)$1,644.080.84%
  • tetherTether(USDT)$1.000.03%
  • binancecoinBNB(BNB)$330.821.47%
  • rippleXRP(XRP)$0.397438-0.14%
  • cardanoCardano(ADA)$0.389821-0.37%
  • dogecoinDogecoin(DOGE)$0.091515-0.65%
  • matic-networkPolygon(MATIC)$1.243.94%
  • okbOKB(OKB)$44.360.43%
  • solanaSolana(SOL)$23.380.61%
  • shiba-inuShiba Inu(SHIB)$0.000014-1.68%
  • polkadotPolkadot(DOT)$6.710.24%
  • litecoinLitecoin(LTC)$99.373.59%
  • tronTRON(TRX)$0.0643621.38%
  • daiDai(DAI)$1.00-0.01%
  • cosmosCosmos Hub(ATOM)$14.692.82%
  • chainlinkChainlink(LINK)$7.041.28%
  • leo-tokenLEO Token(LEO)$3.38-6.52%
  • ethereum-classicEthereum Classic(ETC)$22.60-0.20%
  • moneroMonero(XMR)$167.441.18%
  • bitcoin-cashBitcoin Cash(BCH)$133.380.84%
  • stellarStellar(XLM)$0.0907340.43%
  • crypto-com-chainCronos(CRO)$0.080767-0.19%
  • filecoinFilecoin(FIL)$5.342.05%
  • algorandAlgorand(ALGO)$0.2705934.94%
  • vechainVeChain(VET)$0.0245092.94%
  • internet-computerInternet Computer(ICP)$5.672.24%
  • aaveAave(AAVE)$87.031.45%
  • eosEOS(EOS)$1.080.74%
  • elrond-erd-2MultiversX(EGLD)$45.943.70%
  • theta-tokenTheta Network(THETA)$1.145.34%
  • tezosTezos(XTZ)$1.170.18%
  • paxos-standardPax Dollar(USDP)$1.00-0.11%
  • havvenSynthetix Network(SNX)$2.9014.90%
  • huobi-tokenHuobi(HT)$5.51-1.34%
  • bitcoin-cash-svBitcoin SV(BSV)$43.16-1.47%
  • pancakeswap-tokenPancakeSwap(CAKE)$4.521.49%
  • dashDash(DASH)$63.703.41%
  • iotaIOTA(MIOTA)$0.2440070.09%
  • makerMaker(MKR)$728.506.15%
  • neoNEO(NEO)$8.902.37%
  • zcashZcash(ZEC)$46.065.59%
  • zilliqaZilliqa(ZIL)$0.0296624.09%
  • basic-attention-tokenBasic Attention(BAT)$0.281300-1.65%
  • compound-governance-tokenCompound(COMP)$55.475.77%
  • nemNEM(XEM)$0.0415981.69%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • kusamaKusama(KSM)$36.240.94%
  • bitcoin-goldBitcoin Gold(BTG)$17.14-0.02%
  • qtumQtum(QTUM)$2.860.99%
  • sushiSushi(SUSHI)$1.462.55%
  • wavesWaves(WAVES)$2.754.70%
  • yearn-financeyearn.finance(YFI)$7,747.062.43%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • golemGolem(GLM)$0.251492-2.47%
  • omisegoOMG Network(OMG)$1.67-3.37%
  • ontologyOntology(ONT)$0.232198-0.23%
  • digibyteDigiByte(DGB)$0.0113037.54%
  • umaUMA(UMA)$2.143.53%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%