Fusang to Open New Crypto Custody Tokenized Securities Exchange Platform for Asian Whales
The Fusang Group which is Hong Kong-based has just gone ahead to announce the new launch of the crypto custody service that they have referred to it as the Fusang Vault. One that has been targeted to the institutional investors who have been spread across the Asian market.
The new platform has just come a month after the company had received the green light from the Malaysian regulator that they can now finally be able to launch the tokenized securities exchange, one that has been considered to be the very first of its kind within the Asian market.
More On The Platform
The CEO of the company, Henry Chong has also realized the importance of having the crypto custody set up as he went ahead to state that with the increasing number of mismanagement that gets reported it is evident that the market is in need of digital asset custody in place.
One that will be reliable and useful to the users within the market. As it has become very evident with the vibrant, growing market, there are few security concerns that go unnoticed and at times unattended, a factor that needs to be corrected.
“As more and more stories of the mismanagement of digital assets come to light, a conversation around digital asset custody becomes essential. There are serious security risks that are often overlooked, but these are similar to the security risks our clients face even with traditional assets. We approach digital asset custody from a financial and operational point of view, not just a technological one.”
For the Crypto custody services that the company has established they have gone ahead to partner with the Portcullis Group. To ensure that users are getting the best, because when they get the best then asset owners together with the managers will be able to focus on the resources that they have in investment management, instead of the administrative activities.
The company went ahead to approach this solution by first considering the three main roles to make the service a success.
The first is the current technology they have on their platform and the level of security, the second is looking at the need for customizing the platform to the client’s needs. The last factor they looked into is the role that Fusang will be playing to ensure they deliver the best services possible as the custodians of these assets.
There Is A Minimum Human Interface On The Fusang Platform
The company also went ahead to detail that the crypto custody platform had been able to leverage the automation to ensure they are able to minimize the errors that are frequently caused by human interference.
Additionally, this is all to assure the best level of security is enjoyed, as they have also gone ahead to split the private key of the vault with the use of the cryptography techniques, then from here, the company goes ahead to store each of them in different geographical locations physically.
But this is not all as the company has gone a few steps ahead in curbing the illegal activities that tend to take place, they have created a two-step onboarding process of all their potential clients. They have done all this together with the AML and KYC checks; thus, this has been able to create a customized access system for each of their clients on the platform.
With such a vault in place, it clearly demonstrates the commitment that the company has in the establishment of the best financial infrastructure that can be used for the digital asset economy.
The CEO Went Ahead To State There Is More We Should Expect To See.
“Combined with our other initiatives, we will be able to provide a comprehensive platform for institutional investors to invest safely and securely in digital assets across Asia.”
Earlier on today it was also reported that Onchain Custodian, which is another Asian player is also set to launch their new crypto custody services in just a few days, this is according to a report by Finance Magnates.