SINGAPORE, May 18, 2020 - (ACN Newswire) - Renown digital asset custody provider Onchain Custodian today announced a strategic collaboration with CyberBank. Onchain Custodian's secure, compliant custody solution will aid CyberBank's trading platform business in meeting with regulatory compliance.
CyberBank is a leading digital finance technology group in Asia and is the first to build a model that combines an exchange, custody services provider and investment funds. CyberBank has strong liquidity and funding, which powers its digital asset trading services and trading cloud service business.
Through its collaboration with Onchain Custodian, CyberBank completes its business offerings, by tapping on Onchain Custodian's expertise in custody of digital assets. CyberBank will adopt Onchain Custodian's secure and insured custody solution to upgrade the security level in its entire business ecosystem.
Cyberbank's cloud based digital asset solutions includes overall trading systemic cloud service and are able to build platforms for spot trading, futures trading, option trading, and OTC trading. Features of the trade book sharing, custodial wallets, rapid deployment, and multiple access methods.
Onchain Custodian is a secure digital asset custody provider backed by Sequoia Capital, Fosun and DHVC Capital. Onchain Custodian has offered ancillary services through partnerships, include crypto lending asset management, OTC and others.
Onchain Custodian is also one of the first few custodians globally to have insurance coverage over digital assets under custody. Its advanced custody platform solution includes multi-signature technology, warm wallet secured with IBM's hardware security module (HSM), as well as compliant, AML and CFT technology. Onchain Custodian has a truly institutional grade digital asset custodian platform.
Onchain Custodian's multi-dimensional custodial solutions protect the digital assets in CyberBank's ecosystem in this collaboration.
Neo Peng, the founder of CyberBank, expressing his thoughts on the collaboration, said that decentralization alone would not provide asset security for clients, a positive experience provided for clients requires the combination of conventional custodial business and insurance. CyberBank will perform the novel business of an emerging exchange, which includes insurance of digital assets, adherence to compliance requirements, a membership system, and good liquidity. Onchain Custodian is a critical partner to bring these emerging business collaborations to live.
"Having the alliance between two giants, we will build a unique, fully custodian digital asset exchange platform with insurance coverage, hence forming an ecosystem where members are motivated to trade knowing the assets are safely held by custodial wallets. CyberBank will provide spot trading, contract trading and business expansion for investors." Peng further supplemented.
Onchain Custodian China VP Jimmy Cheung: "Digital asset has become an inevitable trend worldwide and it will require standardization in all trading business from trading groups. Tapping on the exchange business as an entry to, and its network linkage to other businesses, one can extend the life cycle of a single business. Completing that with nurturing of industry talents, conventional finance groups will be able to transform and upgrade themselves to digital finance technology groups."
CyberBank and Onchain Custodian are both experienced in the industry and have strong resources. Riding the wave of economic development, they have kept their eyes focused on the future of digital assets and financial technology. Both firms are well prepared to embrace the future and be leading companies in this digital economy. Learn more at https://oncustodian.com.
May 18, 2020 05:00 HKT/SGT
Topic: Press release summary
Sectors: FX & Digital Currencies
From the Asia Corporate News Network
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