Fusang Vault Leverages Over 30 years’ Experience in Custody and Trustee Space
Custody and digital asset services provider Fusang Vault is officially launched after being in beta since the start of the year. The platform targets Asian institutional investors who look for cutting edge technology designed to minimise human error, relying on customised processes and automation.To ensure that no individual has direct access to clients’ private keys, Fusang Vault generates private keys offline which are split up using advanced cryptography, and then placed in various geographical locations. Real-time backup of data and private keys ensures a further level of security.
Henry Chong, Chief Executive Officer of Fusang, commented:
“As more and more stories of the mismanagement of digital assets come to light, a conversation around digital asset custody becomes essential. There are serious security risks that are often overlooked, but these are similar to the security risks our clients face even with traditional assets. We approach digital asset custody from a financial and operational point of view, not just a technological one.
Leveraging over 30 years’ experience in the institutional custody and trustee space, the company applies its knowledge and experience to bring best practices from mainstream financial services to the digital asset industry. Client onboarding is a two-stage process where clients first undergo KYC/AML checks before any account is created and once they are approved, access to wallets and transaction flows are customised to each account based on processes established during onboarding. Clients can set policies in accordance with their internal signatory and authorisation processes.
The Fusang Vault platform has undergone Vulnerability Assessment and Penetration Testing (VAPT), following OWASP Top 10 2017/OWASP Testing Guide v4 by third-party independent auditors.
“We want asset owners and managers to focus their resources on investment management, not administrative activities. We approached our solution by considering three main roles: the technology of our platform and its security, the need for our platform to be customised to our clients’ processes, and the role that Fusang will play to ensure we do our job as custodian as efficiently as possible. Fusang Vault demonstrates our commitment to creating financial infrastructure for the digital asset economy. Combined with our other initiatives, we will be able to provide a comprehensive platform for institutional investors to invest safely and securely in digital assets across Asia”, Chong added.
Onchain Custodian Emerges as a Child of NEO Blockchain
Singapore-based digital asset custodian Onchain Custodian (ONC) has announced the launch of its SAFE Platform and value-added services, which alleviate customers’ operational and technological burden of managing their digital asset investments.
Supporting mainstream cryptocurrencies and tokens, the platform backed by Sequoia, Fosun, and DHVC will evolve swiftly to handle securities tokens and stable coins as the regulation and industry develop. The company is researching into the latest tested protocols in terms of securing private keys in order to offer the most secure and efficient custody solution.
ONC’s objective is to secure and automate digital asset custody through innovation, industry standardisation, and customization. NEO Blockchain founder Da Hongfei is ONC’s chair of the board, which ensures clients that the team is made up of a strong blockchain, capital market, and banking professionals, starting with CEO Alexandre Kech, former SWIFT Asia Pacific Head of Securities & FX.
The company has recently been chosen as Ontology Foundation’s independent third-party custody provider of its crypto reserves.
Da Hongfei, Board Chair of ONC, said:
“Third-party custody is one of the fundamental pillars needed to drive mainstream adoption of tokenized assets. Onchain Custodian is contributing this important piece of infrastructure to the digital asset economy.”
El Lee, Chief Operating Officer at ONC, commented:
“Trust is vital for the custody business. Customers must be able to trust you as a credible technology enabler and a financial services provider. We are both!”. Alexandre Kech, CEO ONC to conclude: “Onchain Custodian aims to bring peace of mind to customers who should only be concerned by the growth of their business. ONC focuses on securing their digital assets to allow them to do exactly that!”.
