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 cryptocurrency, 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
With each passing day, the adoption of cryptocurrencies is increasing around the world. As companies, organizations and individuals know the advantages that the use of digital assets such as Bitcoin provides them. Leading them to introduce Blockchain technology within their business strategies.
Thanks to this, little by little governments have had to create regulations in line with the reality of the crypto market. While large private companies begin to bet on crypto assets as part of their business plan. The best known case today is 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. Well, the financial intelligence firm MicroStrategy, announced in August that it would also enter the crypto market. Investing a total of 400 million dollars in the acquisition of the cryptocurrency, to keep them as a reserve of the company.
Ledger will help protect Bitcoins by MicroStrategy
However, this would not be the whole story. And is that, although MicroStrategy has decided to acquire Bitcoins, it must still store and protect them from malicious actors. For which he has decided to go to Ledger. A company specialized in the development of hardware for the protection of cryptocurrencies, which would also lately be offering its services to companies through a product known as Ledger Vault.
The technology behind this product would be the Hardware Security Modules (HSM), which has been used for years for the protection of vital data, and is usually considered invulnerable. This will allow MicroStrategy Bitcoins to be fully protected against any hacking attempt.
To use Ledger Vault and mobilize funds in Bitcoin, it would then require the participation of two or three people previously authorized by the company, which would be the ones who would carry out the transaction. In the event that these three persons were not present simultaneously, the operation could not be carried out.
With this, MicroStrategy would seek to minimize the possibility of a fatal loss in the company’s assets, if an unauthorized person could have access to the wallet in which the Bitcoins are stored. Which also helps Ledger to position itself as a trusted company for the custody of crypto assets for companies.