Security giant Gemalto and hardware wallet provider Ledger are pooling their efforts to create a new secure storage solution for financial institutions working with cryptocurrency.

The new partnership will apply Ledger's hardware wallet operating system (BOLOS) with Gemalto's cryptographic key storage system (HSM) to create a device geared towards the management of crypto-assets. It's the latest blockchain-related initiative for Gemalto, which has previously said that it is working on an IoT initiative tied to the tech and has sought intellectual property rights in the area of distributed identity.

According to a release, as well as operating as a wallet, the device will enable further applications, such as allowing financial institutions to trade cryptocurrencies and execute smart contracts.

Eric Larcheveque, CEO at Ledger, said in a statement:

Todd Moore, senior vice president of encryption products at Gemalto, also hinted that the Gemalto-Ledger partnership could extend into securing further applications, including "smart energy applications, home automation or wearables."

Ledger already has two digital wallet options available for the general cryptocurrency market. In March, the firm raised $7 million in a new Series A funding round.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ledger.

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