Onchain Custodian, a Singapore-based digital asset custody provider, partnered with Hedera Hashgraph. This enhances the security of the network’s native cryptocurrency HBAR.
Holders of $HBAR will have the option to secure their #HBAR tokens w/ @oncustodian‘s digital asset custody platform, which is insured through @Lockton & fully compliant w/ @govsingapore‘s regulatory regime w/ regards to digital payment tokens & e-money: https://t.co/hn80YcNofx
— Hedera Hashgraph (@hashgraph) October 19, 2020
With the partnership, Onchain will offer a secure, insured, compliant, and convenient solution for the safekeeping of institutional investments. With a secure multi-signature crypto wallet and premium fail-safe measures, Onchain is providing custody and open finance services to many elite funds in Asia, as well as family offices and high net-worth individuals (HNWIs).
As many HBAR holders are actually based in Asia, Jordan Fried, Hedera’s SVP of Business Development said that,
It’s important that they have safe and reliable digital asset custody in their own timezone.
Onchain’s SAFE™ platform complements its cold storage offering with a wallet management service supported by the IBM Cloud™ Hyper Protect Crypto Services. Compared to the traditional banks’ Level 3 Hardware Security Model (HSM), Onchain secures client funds using a Level 4 HSM.
Mainly due to the vulnerability of crypto exchanges in terms of asset protection, more investors tend to trust independent third-party custodians like Onchain.
Alexandre Kech, CEO of Onchain, explained that,
“This represents a maturation of the industry as crypto becomes increasingly attractive to the traditional sector.”
Focused on providing long-term security for HBAR holders, Hedera Hashgraph also works with Kingdom Trust, another crypto custodian. For this reason, they reduce the risk of holding assets directly and achieve regulatory compliance, transparency, and accountability.