Blockchain firm Hedera Hashgraph has partnered with digital asset custody provider, Onchain Custodian, to ensure the security of the project’s native token, 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.”
HBAR holders now have the option to secure their tokens with Onchain’s custody platform named SAFE, which is insured through Lockton and fully compliant with Singapore’s regulatory regime with regards to digital payment tokens.
Holders of $HBAR will have the option to secure their #HBAR tokens w/ @oncustodian's digital asset custody platform, which is insured through @Lockton & fully compliant w/ @govsingapore's regulatory regime w/ regards to digital payment tokens & e-money: https://t.co/hn80YcNofx
— Hedera Hashgraph (@hashgraph) October 19, 2020
“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.”
Onchain’s CEO, Alexandre Kech, added: “Now we are seeing more sophisticated investors citing the need to secure their digital asset investments with an independent third-party custody solution.
“This represents a maturation of the industry as crypto becomes increasingly attractive to the traditional sector.”
Backed by DHVC, Fosun and Sequoia Capital, Onchain is also used by blockchain organisations NEO, Ontology and Zilliqa to manage their foundation’s treasury.
For more news, guides and cryptocurrency analysis, click here.