Zilliqa, the high-performance and high-security blockchain platform, today announced that it has selected Singapore-based crypto custody service Onchain Custodian to secure its network’s assets. In working with the firm, the Zilliqa ecosystem will benefit from institutional-grade security and insured custody services for its ZIL and ZRC-2 tokens.
To kickstart the engagement, Onchain Custodian will be providing support for XSGD, a Singapore dollar-backed stablecoin launched in collaboration with Xfers, the leading fintech payments platform for digital businesses.
Alexandre Kech, CEO at Onchain Custodian, said: “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. 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.”
Onchain Custodian’s SAFE Digital Asset Custody Platform is insured by Lloyd’s of London underwriters and backed by IBM FIPS 140-2 Level 4 Hardware Security Modules. The fully automated, standardized, and agnostic custody service 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.
Aymeric Salley, Head of StraitsX at Xfers, said: “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. This partnership also enables Xfers to keep reaping the cost and scalability benefits enabled by the Zilliqa blockchain protocol.”
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 transparent 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.
Amrit Kumar, President and Chief Scientific Officer of Zilliqa, said: “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. 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.”
This latest partnership with Onchain Custodian comes on the back of Zilliqa’s third anniversary which was commemorated with a virtual town hall to celebrate recent technical milestones and ecosystem developments. Earlier this month, Zilliqa also announced that it would be working with leading decentralized exchange Switcheo Exchange and Binance to bring the US dollar-backed BUSD stablecoin onto the network by Q4 2020.