Recently, a high-performance and security of Blockchain platform widely known as Ziliqa, has announced its partnership with Onchain Custodian, a Singapore-based crypto custody service to solely secure network assets. 

On that basis, the ecosystem of Ziliqa would have a whale of time to benefit from the institutional-grade security and protective custody services for its ZIL and ZRC-2 token.

Essentially, Onchain Custodian will be providing the overall support for XSGD, a Singapore dollar-backed stablecoin launched in collaboration with Xfers, the leading FinTech payment platform for futuristic ventures.

Closing The Gap At Once

Chief Executive Officer of Onchain Custodian, Alexandre Kech mentioned that with the new financial instruments emerging out of the Blockchain space, better infrastructure needs to be built with clients’ needs’ in mind. 

“Beyond demands for greater security, our goal is to also bridge the gap between different project ecosystems, enabling clients to benefit from our token agnostic custody services while serving as a reliable liquidity partner. As one of the leading blockchain projects in the region, we are thrilled to be partnering with Zilliqa at this time in order to bring greater security and compliance assurances across their ecosystem.” Kech added.

To begin with, Onchain Custodian is Insured by Llyod’s of London underwriters and backed by IBM FIPS 140-2 Level Hardware Security Modules. To be fully functional, utilized, standardized and customized to the traditional services, allowing Ziliqa, Xfers and key players in the future technologies ecosystem to deploy their blockchain-based and digital asset solutions would be a key aspect for the enhancement of trust and confidence that many corporations are looking for.

Singapore Is Pioneering Digitization

Aymeric Salley, Head of StraitsX at Xfers, said “To have XSGD supported by a major digital assets custodian such as Onchain Custodian provides a key platform in accelerating the growth of both the Singapore ecosystem and SGD-denominated digital asset transactions. This partnership also enables Xfers to keep reaping the cost and scalability benefits enabled by the Zilliqa blockchain protocol.” 

Up to this point, Xfers powering the system allows the XSDGD stablecoin to be fully backed 1:1 and pegged by the Singaporean Dollar and could be used for trading or moved around 24/7.

As a matter of fact, it also allows the transparency of the system to be seen, trust to be built instantly with immutable and friction-less transactions due to the accessibility of the futuristic ecosystem.

In order to create and develop the reality of an open, trusted and transparent digital financial world of Southeast Asia by offering stablecoins denominated in currencies, XSGD is now part of Xfers’ StraitsX initiative.

Now or Never

“As the Zilliqa ecosystem continues to grow, so must our repertoire of security and compliance solutions to ensure that partners, investors, and token holders can safely leverage the benefits of our network. With blockchain experiencing increased institutional appeal across Southeast Asia, we are thrilled to partner with Onchain Custodian as they play a vital role in driving the legitimacy of digital assets across the region.” said the President and Chief Scientific Officer of Zilliqa, Amrit Kumar.

Through this collaboration of Ziliqa and Onchain Custodian, a virtual town hall was done to also celebrate the technical milestone and ecosystem developments which was commemorated on Ziliqa’s third anniversary.

To sum up more surprises of the 2020 development, Ziliqa will also be working with leading decentralized exchange Switcheo Exchange and Binance to bring the US dollar-backed BUSD stablecoin onto the network.

About Onchain Custodian

Headquartered in Singapore, Onchain Custodian offers a global, standardized, resilient, insured and compliant custody service for the safekeeping of institutional digital asset investments with incomparable user experience.

About Zilliqa

A high-performance, high-security blockchain platform for enterprises and next-generation applications which was developed through academic research and helmed by a team of experienced scientists, engineers, venture creators and leaders in the financial services.

Zilliqa addresses limitations in scalability and security, enabling real-world usability across a variety of industries, including finance, digital advertising, and gaming.

In 2019, Zilliqa became the first public blockchain platform to be built on sharded architecture, with smart contracts written in the platform’s secure-by-design programming language, Scilla. 

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About the author

Nurul Zamrè

Senior Content Writer

Nurul Zamrè is an ardent writer for the past 15 years of her living tenure on science & technology, agriculture, health, communities, management and more. She is also a News Anchor at RTM, a general manager of AHVN, a model, VO artist, emcee, gymnast, ballerina and a lover of everything chocolates.