Singapore-based digital asset custodian Onchain Custodian (ONC) has announced it is to launch its digital asset custody platform, SAFE.
ONC, which is backed by venture capital firms Sequoia, Fosun and DHVC, has completed the testing process for the platform and is set to launch next week at a blockchain-focused conference in Singapore.
The SAFE platform has been developed to secure digital asset investments with customisable custody solutions and institutional grade security and controls, according to the vendor, and will be accompanied by a line of value-added services.
ONC has said the platform, which supports mainstream cryptocurrencies and tokens, will be expanded to handle securities tokens and stable coins “as the regulation and industry develop.”
“Third-party custody is one of the fundamental pillars needed to drive mainstream adoption of tokenised assets,” said Da Hongfei, board chair of ONC. “Onchain Custodian is contributing this important piece of infrastructure to the digital asset economy.”
Custody of digital assets including cryptocurrencies has proved to be a stumbling block for the growth of institutional adoption, with the chair of Securities and Exchange Commission (SEC), Jay Clayton, recently highlighting custody and price manipulation concerns as the two factors holding back Bitcoin ETFs from being approved in the US.
It’s also a problem that has attracted attention from larger institutional players, both on the buy- and sell-sides, with Fidelity Investments, Standard Chartered, Northern Trust and SIX all having announced their own planned or in-development offerings for crypto custody.