Sequoia-Backed Onchain Set to Launch Its Crypto Custodian Services

Singapore-headquartered Onchain Custodian has announced that it will launch its digital asset custody platform at the upcoming Chain Plus Asia Pacific Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term New Finance Summit.

Scheduled to be held on April 11-12 in Singapore, the summit will attract many high profile professionals from around Asia.

Founded in 2017, the blockchain company’s custodian solution provides an online platform to securely store digital asset investments. The company claims that it maintains institutional grade security standards.

Commenting on the development, Da Hongfei, founder of NEO and chairman of the Onchain Custodian, said: “Third-party custody is one of the fundamental pillars needed to drive mainstream adoption of tokenized assets. Onchain Custodian is contributing this important piece of infrastructure to the digital asset economy.”

Dubbed as SAFE, the platform will support all “mainstream” coins in the initial phase. Moreover, the company has plans to extend its support for storing securities tokes and stablecoins as well.

“Onchain Custodian aims to bring peace of mind to customers who should only be concerned by the growth of their business. ONC focuses on securing their digital assets to allow them to do exactly that!” Alexandre Kech, CEO of the company, added.

The Singapore-based company has also attracted the attention of many bulls in the venture capital market as it has secured undisclosed funds from Sequoia, Fosun, and DHVC.

According to its website, the company targets a wide customer base including crypto exchanges, crypto funds, hedge funds, OTC brokers, miners, and asset managers.

“The Ontology Foundation has decided to appoint Onchain Custodian for the independent third-party custody of its crypto reserves,” Li Jun, founder of Ontology Foundation, said. “In addition to increasing transparency vis a vis our community, it will allow us to focus all our energy and resources on progressing the Ontology project, leaving the safekeeping of our assets to a strong team of professionals.”

Custodian Services are in High Demand

Crypto custodian services have become one of the lucrative industry to tap recently. Many established companies including Fidelity have shown interest to introduce a custodian service specific to crypto.

Earlier this year, GMEX Technologies introduced two products - ForumCustody and ForumWallet - to provide digital custodian services to high volume digital asset holders.