Hedera Hashgraph announced a new partnership to improve the security of its native token, HBAR.
The new partner is the Asian digital asset custody provider Onchain Custodian. The Singapore-based company will be the first and only custodian in Asia that provides third-party custody services for HBAR.
Improving The Trust Among Enterprise Customers
Hedera is one of the biggest blockchain platforms focused on enterprise users. Its network and cryptocurrency serve companies that are looking for decentralized solutions for their businesses. The security of this service and its native token is vital for those customers. Some of them move the fundamental parts of their businesses to Hedera. Hedera’s teams try their best to show the security and trustfulness of the blockchain by working with renowned companies in those fields.
To offer the best governance needed for HBAR, Hedera has decided to work with custody service providers.
“Investors are recognizing 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.”
As a result of the new partnership, HBAR holders will have the option to secure their digital assets. They can choose Onchain’s SAFE™ digital asset custody platform as the custody service. The platform is insured through Lockton and works under the guidelines and regulatory frameworks of the Singapore government.
Securing digital asset investments is becoming a norm – if not necessary – among individual and institutional investors. With the rising trend of cryptocurrency investment and the increase in the adoption rate, companies like Onchain can enjoy considerable growth in their user-base.
“Now we are seeing more sophisticated investors citing the need to secure their digital asset investments with an independent third-party custody solution,” said Alexandre Kech, CEO of Onchain. “This represents a maturation of the industry as crypto becomes increasingly attractive to the traditional sector.”
Onchain is currently the only Singapore-based custodian that focuses on services related to alternative investments. Funds, family offices, and high-net-worth-individuals looking for alternative investments like cryptocurrencies and stablecoins work with this firm to secure their holdings. Hedera’s decision to partner with Onchain can work for them as an accelerator to increase the trust among investors.
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