Blockchain Startup Zilliqa Appoints Onchain Custodian For Lloyds Of London-insured Crypto Custody Services

News | July 31, 2020 By:

Blockchain startup Zilliqa has appointed crypto custody service Onchain Custodian to bring institutional-grade security and insured custody services for its ZIL and ZRC-2 tokens.

Created by researchers at the National University of Singapore, Zilliqa aims to solve the issue of scalability of blockchains. Zilliqa’s platform is designed to scale to thousands of transactions per second. It is tailored towards enabling secure data-driven decentralized apps, designed to meet the scaling requirements of machine learning and financial algorithms.

Backed by Sequoia, Fosun and DHVC, Onchain Custodian is a Singapore-based digital asset custodian that claims to have developed a comprehensive online platform to secure digital asset investments with customizable custody solutions and institutional grade security and controls. Its digital asset custody platform, SAFE, is designed to meet the possible futures of digital asset custody. SAFE is insured by Lloyd’s of London underwriters and backed by IBM FIPS 140-2 Level 4 Hardware Security Modules.

To kickstart the partnership, Onchain Custodian will be providing support for XSGD, a Singapore dollar-backed stablecoin launched in collaboration with Xfers, a FinTech payments platform for digital businesses. Powered by Xfers, the XSGD stablecoin is pegged and fully backed 1:1 by the Singapore dollar and can easily be moved or traded 24/7 to enable accessible, frictionless, transparent, trusted, and immutable transactions. XSGD is part of Xfers’ StraitsX initiative which looks to offer stablecoins denominated in currencies from Southeast Asia to create an open and trusted, digital financial ecosystem across the region.

“To have XSGD supported by a major digital assets custodian such as Onchain Custodian provides a key platform in accelerating the growth of both the Singapore ecosystem and SGD-denominated digital asset transactions,” said Aymeric Salley, Head of StraitsX at Xfers. “This partnership also enables Xfers to keep reaping the cost and scalability benefits enabled by the Zilliqa blockchain protocol.”

According to the release, SAFE will enable Zilliqa, Xfers, and other ecosystem players to deploy their blockchain-based and digital asset solutions to the public with enhanced trust and confidence.

“As the Zilliqa ecosystem continues to grow, so must our repertoire of security and compliance solutions to ensure that partners, investors, and token holders can safely leverage the benefits of our network,” said Amrit Kumar, President and Chief Scientific Officer of Zilliqa. “With blockchain experiencing increased institutional appeal across Southeast Asia, we are thrilled to partner with Onchain Custodian as they play a vital role in driving the legitimacy of digital assets across the region.”

Alexandre Kech, CEO at Onchain Custodian, said that with new financial instruments emerging out of the blockchain space, better infrastructures need to be built with clients’ needs in mind.

“Beyond demands for greater security, our goal is to also bridge the gap between different project ecosystems, enabling clients to benefit from our token agnostic custody services while serving as a reliable liquidity partner,” Kech said. “As one of the leading blockchain projects in the region, we are thrilled to be partnering with Zilliqa at this time in order to bring greater security and compliance assurances across their ecosystem.”