Ledger will help store MicroStrategy’s Bitcoins, after the company announced the purchase of $400 million in currency.
Just a few days ago, MicroStrategy surprised the entire crypto world by announcing that it would start using Bitcoin in its business model. Investing 400 million dollars in the purchase of the crypto currency, as the main source of savings for the company. And now, it has been announced that the crypto company Ledger will help MicroStrategy protect its Bitcoins.
The New Business Strategy
Every day that passes, the adoption of cryptomonies is increasing all over the world. As companies, organizations and individuals are aware of the advantages provided by the use of digital assets such as Bitcoin. Leading them to introduce the Blockchain technology into their business strategies.
Thanks to this, little by little governments have had to create regulations according to the reality of the crypto market. While large private companies are starting to bet on cryptoactives as part of their business plan. The best known case is that of Square, the company of the creator of Twitter, Jack Dorsey, for the facilitation of electronic payments.
However, Square is not the only traditional company that has decided to invest in Bitcoin. The financial intelligence firm MicroStrategy announced in August that it too would enter the crypto market. Investing a total of 400 million dollars in the acquisition of the crypto currency, to keep it as the company’s reserve.
Bitcoin whales have a tendency to accumulate at the beginning of this quarter
Ledger will help protect MicroStrategy Bitcoins
However, this would not be the whole story. Even though MicroStrategy has decided to acquire the Bitcoins, it must still store them and protect them from malicious actors. To do this, it has decided to go to Ledger. A company specialized in the development of hardware for the protection of crypto-currencies, which is also offering its services to companies through a product known as Ledger Vault.
Ledger will help MicroStrategy protect its Bitcoins with Ledger Vault. Source: LedgerLedger will help MicroStrategy protect its Bitcoins with Ledger Vault.
The technology behind this product would be the Hardware Security Modules (HSM), which has been used for years to protect vital data, and is usually considered invulnerable. This will allow MicroStrategy Bitcoins to be fully protected against any hacking attempt.
In order to use the Ledger Vault and mobilize the funds in Bitcoin, two or three people previously authorized by the company will be required to carry out the transaction. If these three people were not present at the same time, the operation could not be carried out.
MicroStrategy would seek to minimize the possibility of a fatal loss of company assets if an unauthorized person were to gain access to the wallet in which the Bitcoins are stored. This also helps Ledger position itself as a trusted enterprise crypto storage company.