Onchain Custodian (ONC), the Sequoia-backed digital assets custody service provider headquartered in Singapore, has just released the next version of its SAFE platform, integrating cryptography services on an infrastructure securely hosted by IBM.
The digital asset custody SAFE™ platform complements its cold storage offering with a wallet management service underpinned by the IBM Cloud™ Hyper Protect Crypto Services. IBM Cloud™ Hyper Protect Crypto Services allows for secure key generation and protection of key by taking advantage of the industry’s first and only FIPS 140-2 Level 4 1certified Hardware Security Module (HSM) available in the cloud, which means that it’s highly tamper-resistant. Storing keys in such an environment means they are highly secured - not even IBM, the cloud infrastructure provider, can access the keys. Only Onchain Custodian, responding to an authenticated customer instruction, can access them.
The platform update enables digital asset exchanges, fund managers, and projects, among others, to outsource partially or fully the safe hosting of their wallets, while securely automating transaction flows based on threshold and other security measures.
Alexandre Kech, CEO of Onchain Custodian, said “Being able to work with IBM and use their technology to create a highly secure platform was a privilege. IBM Cloud™ Hyper Protect Crypto Services is exactly what we were looking for. Onchain Custodian can focus on building the best execution platform and user experience with our technology provider Onchain while IBM provides us with the best HSM on cloud solution in the market to securely host, maintain and operate our SAFE™ key management infrastructure.”
Rohit Badlaney, Director, IBM Z as a Service, said “By taking advantage of IBM Cloud™ Hyper Protect Services, Onchain Custodian can build a highly resilient and secure cloud-based solution that digital asset custody deserves. Supporting custodians like Onchain Custodian is an ideal use case for IBM Cloud™ Hyper Protect Services.”
Onchain Custodian is backed by Fosun, DHVC and Sequoia Capital, the venture capital firm which has backed companies that now control $1.4 trillion of combined stock market value, including Apple, Google, Oracle and PayPal, and is gaining significant foothold as it builds up its portfolio of institutional clients across the Asia Pacific region.
Independent third-party digital asset custody has become an essential piece of infrastructure that many experts consider critical for the long-term sustainability of digital assets and cryptocurrencies.
By providing a focused approach to security, operational efficiency and risk management to institutional players holding cryptocurrencies and digital assets, Onchain Custodian allows its customers to focus on their core business.