Zilliqa chooses a custody service
Zilliqa chooses a custody service
Blockchain

Zilliqa chooses a custody service

By Alfredo de Candia - 31 Jul 2020

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As announced a few hours ago by the company itself, Zilliqa has chosen Onchain Custodian to launch a custody service for its assets, including ZIL, ZRC-2 tokens and the Singapore dollar-based stablecoin XSGD.

Zilliqa’s blockchain uses a similar system to PoS (Proof of Stake), or rather a hybrid consensus protocol system that is a mix of PoW (Proof of Work) and PBFT (Practical Byzantine Fault Tolerance).

On Zilliqa it is possible to create ZRC-2 tokens, and with this solution, it was possible to create several stablecoins, such as HEUR and XSGD, with the latter launched thanks to the collaboration with the Xfers team, which already created StratisX.

Clearly, a custody service is needed to secure the liquidity and provide all the tools to obtain the relevant crypto.

Zilliqa’s crypto custody service

And so Zilliqa has chosen Onchain Custodian.

CEO Alexandre Kech explained:

“With new financial instruments emerging out of the blockchain space, better infrastructures need 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”.

This security is proven by Lloyd in London and the IBM FIPS 140-2 Level 4 Hardware Security certification, which allows full automation, standardization and an efficient and secure agnostic custody service.

This company will be central to providing security and accelerating the growth process of stablecoins, as stated by Xfers’ head of StratisX, Aymeric Salley:

“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.”

This growth was also reiterated by the President and CSO of Zilliqa, Amrit Kumar:

“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”.

It is worth noting that XSGD is pegged 1 to 1 with the Singapore dollar.

This is just the first of many news that are in the pipeline for Zilliqa, as was announced recently in an event celebrating the third birthday of this blockchain.

The price also seems to discount the recent news positively, returning to $0.0018.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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