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.