Hedera Hashgraph Chooses First Asia-Based Digital Asset Custody Provider
[SINGAPORE, 19 October 2020] Hedera Hashgraph, an enterprise-grade distributed ledger platform, has partnered with digital asset custody provider, Onchain Custodian, to enhance the security of the project’s native digital currency, HBAR. Headquartered in Singapore, Onchain is the first and only custodian in Asia currently providing third-party custody services for HBAR.
“Investors are recognising the need for prudent governance of token projects,” said Pablo Peillard, co-founder of Hashing Systems. “As the largest community of Hashgraph developers, we are demonstrating our commitment to our clients and the enterprise ethos by securing our HBAR reserves with Onchain Custodian.”
Holders of HBAR will have the option to secure their HBAR tokens with Onchain’s SAFE™ digital asset custody platform, which is insured through Lockton and fully compliant with Singapore’s regulatory regime with regards to digital payment tokens and e-money.
“With many of our holders of HBAR based in Asia, it’s important that they have safe and reliable digital asset custody in their own timezone,” said Jordan Fried, SVP of Business Development for Hedera. “We are working with Onchain because they provide the level of service and security our token holders expect.”
“Now we are seeing more sophisticated investors citing the need to secure their digital asset investments with an independent third-party custody solution,” said Alexandre Kech, CEO of Onchain. “This represents a maturation of the industry as crypto becomes increasingly attractive to the traditional sector.”
A recent report by PwC, Swiss blockchain investment firm CV VC, and crypto news publication, Cointelegraph, recognised Onchain as the only Singapore-based digital asset custodian offering services to funds, family offices and high-net-worth-individuals looking to diversify into alternative investments such as cryptocurrencies, stablecoins and gold-backed tokens. Backed by DHVC, Fosun and Sequoia Capital, Onchain is also used by blockchain organisations NEO, Ontology and Zilliqa to manage their foundation’s treasury.
Hedera is a decentralized public network on which developers can build secure, fair applications with near real-time finality. The platform is owned and governed by a council of the world’s leading organizations including Avery Dennison, Boeing, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group.
For more information, visit www.hedera.com, or follow us on Twitter at @hashgraph, Telegram at t.me/hederahashgraph, or Discord at www.hedera.com/discord. The Hedera whitepaper can be found at www.hedera.com/papers.
Headquartered in Singapore, Onchain Custodian is dedicated to building and operating a standardised, secure, insured, compliant and convenient solution for the safekeeping of institutional digital asset investments. With a secure multi-signature wallet, and institutional-grade controls and security measures, Onchain provides custody and open finance services to Asia’s elite funds, family offices and HNWIs. In partnership with IBM, Onchain secures client funds using a Level 4 Hardware Security Model (HSM) compared to the Level 3 HSM used in traditional banks today.
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Originally published at https://hedera.com on October 19, 2020.