Onchain Custodian (ONC), the Singapore-based digital assets custody service provider, has teamed up with BabelFinance, formerly BabelBank, to deliver a secure custody solution to store its digital assets while allowing its own customers to buy BabelFinance’s crypto products.
BabelFinance makes loans in stablecoins collateralized by deposits of Bitcoin (soon to include Ethereum, Litecoin, BCH and other PoW coins, plus XRP or Stellar), and their customers can also earn interest through the business’s pledge loan products. So far, BabelFinance has issued $110 million in loans, and recently doubled its loan volume.
Now, Onchain Custodian’s customers can make use of these innovative products, while existing BabelFinance customers will benefit from Onchain Custodian’s first-class storage solution for their digital assets.
The move is the next stage in Onchain Custodian’s strategy of providing the best custody solutions to exchanges and institutions across Asia, and the world.
El Lee, COO of Onchain Custodian, said:
"The collaboration with BabelFinance will provide our institutional clients and accredited investors access to financial instruments in the token economy. This partnership is part of a strategic move to build an ecosystem of partners working with Onchain Custodian for the benefit of our customers.”
Flex Yang, founder and CEO of BabelFinance said:
“Over the past few months, we’ve seen a dramatic increase in speculative borrowing from consumers and institutions. It is clear that in China and elsewhere globally, anticipation is building for higher crypto prices.
With help from Onchain Custodian, we will continue to support our growing customer base with the best, most innovative crypto financial services.”
The move comes just weeks after Onchain Custodian announced a partnership with Singapore-based Wowoo Exchange to help them realize their vision of building a highly-secure platform from which customers could trade digital assets with confidence.
Recently, Onchain Custodian also announced the on-boarding of a series of major clients, including Ontology Foundation, Tembusu Partners, Timestamp Capital and many others.
Onchain Custodian is backed by Fosun, DHVC and Sequoia Capital, the US-based venture capital firm which has backed companies that now control $1.4 trillion of combined stock market value, including Apple, Google, Oracle and PayPal, and is gaining significant foothold as it builds up its portfolio of institutional clients across Asia Pacific.
By providing a focused approach to security, operational efficiency and risk management to institutional players holding cryptocurrencies and digital assets, Onchain Custodian allows its customers to focus on their core business.
About Onchain Custodian:
Headquartered in Singapore, Onchain Custodian (ONC) offers a global, standardised, resilient and compliant custody service for the safekeeping of institutional digital asset investments with incomparable user experience. ONC's solution is built with flexibility to meet the possible futures of crypto custody.
BabelFinance is a technology company specializing in the management of blockchain assets, deposits, loans, transactions and related financial derivatives. BabelFinance is based in Asia and operates globally. The founding team comes from the world's top financial institutions and Internet companies. The investors of BabelFinance include ZhenFund, Lightspeed China Partners, NEO Global Capital and other top funds in the TMT and blockchain sectors.