Onchain will provide a secure compliant custody solution to CyberBank

Onchain Custodian, which is a digital asset custody provider backed by Sequoia Capital, Fosun, and DHVC Capital, will provide secure and insured custody to CyberBank for its digital assets. (Acrofan).

CyberBank is a leading cryptocurrency exchange that allows its customers to buy sell and manage cryptocurrencies in minutes. It combines digital assets trading, custodianship, and investment products under one roof. It’s Cyber Bank App has also launched.  It claims to have strong liquidity and funding to support its trading platform.

CyberBank’s digital asset solutions include cloud-based trading, and platforms for sport, futures, options, and OTC trading.

Meanwhile, Onchain Custodian provides insurance cover over the digital assets under its custody and provides an advanced, institutional grade, custody platform solution. The latter includes multi-signature technology, warm wallet secured with IBM’s hardware security module (HSM), as well as compliant, AML, and CFT technology.

Unique alliance

Neo Peng, the founder of CyberBank, said: “Having the alliance between two giants, we will build a unique, fully custodian digital asset exchange platform with insurance coverage, hence forming an ecosystem where members are motivated to trade knowing the assets are safely held by custodial wallets. CyberBank will provide spot trading, contract trading, and business expansion for investors.”

Onchain Custodian China VP Jimmy Cheung said: “Digital asset has become an inevitable trend worldwide and it will require standardization in all trading business from trading groups. Tapping on the exchange business as an entry to, and its network linkage to other businesses, one can extend the life cycle of a single business. Completing that with nurturing of industry talents, conventional finance groups will be able to transform and upgrade themselves to digital finance technology groups.”

Other Onchain tie-ups

Earlier this month, Singapore-based CACHE announced a strategic partnership with Onchain Custodian for the insured custody of gold-backed tokens.

Last month, KuCoin entered a strategic cooperation with Onchain Custodian for the safe custody of Kucoin crypto assets.

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