Aegis Crypto Custodian Launches And Already Gained Fosun As Lead Investor and Foxconn Client Deal
Holding cryptocurrency is best done through a crypto wallet or through a crypto custodian, considering that their infrastructure is designed to protect assets adequately. Recent reports have discussed exactly how unsafe it is to hold crypto assets at an exchange, which seems to be spurring more custodians to pop up. Such is the case with Aegis, a crypto custodian that is based out of San Francisco but is infiltrating the Asian market recently with a new investor.
During a Series A funding round, the company managed to secure Fosun, based in Hong Kong, as their lead investor. However, their success is continuing in Taiwan, as they have signed their first client in a deal with a subsidiary of Taiwanese electronics manufacturing giant Foxconn, according to reports from The Block.
Aegis Custody was launched last month, and it appears to be the first digital assets custodian of its kind to have the support of Asian institutional investors. Their Series A funding around ended on Tuesday at $4 million.
According to statements from the company, their goal is to offer “multi-layer” cold storage. This storage option will be available in Taiwan and the United States for “exchanges, asset management funds, STO projects and large institutions” that hold digital assets. The Foxconn subsidiary, ELICONN, will be one of the first major clients that Aegis takes on.
The United States market has already welcomed several crypto custodian solutions, starting with Andreessen Horowitz-backed Anchorage. They have also welcomed Coinbase, BitGo, Gemini, and DACC. With so many competitors in the space, the fees for asset storage have continually dwindled over the last year.
CEO Yang Shuo of Fosun Group said,
“Custodial solutions are expected to become the next wave of innovation to hit the crypto market…We believe Aegis Custody can disrupt a multi-trillion-dollar digital asset management market.”