Onchain Custodian partners with Celsius Network to make custody fees go negative

SINGAPORE, March 31, 2020 /PRNewswire/ -- Onchain Custodian, the Singapore-based digital assets custody service provider backed by Fosun, Sequoia and DHVC,  announced a partnership with Celsius Network, the renowned Cryptocurrency lending and borrowing platform. The partnership enables Onchain Custodian's customers to earn a yield on their assets by lending them out. Earnings from rehypothecation to institutions similar to SEC lending on Wall Street results in income which offsets all custody and insurance fees.

Celsius has also selected Onchain Custodian to custody its Asia Pacific clients' assets with an award-winning, regional custodian.

Recently, Onchain Custodian released its new version of custody platform with warm wallet service built using IBM's HSMs. In addition to the enterprise-grade secure service, Onchain Custodian's clients are able to lend out their digital assets via Celsius. The return from lending out the digital assets allow ONC's clients to enhance their investment, in addition to covering the custody fees.

This service is part of the open finance services that Onchain Custodian has developed with curated, strategic global partners. Onchain Custodian's customers can lend out their digital assets, place them in investment products, and soon, stake them. They can convert their crypto to fiat and back. They can also benefit from the independent escrow service of Onchain Custodian to secure the settlement of their OTC trades. All these ancillary services make Onchain Custodian a one-stop-shop for clients and a leading partner for crypto industry players.

Alexandre Kech, CEO Onchain Custodian: "Since our inception, we have worked on developing partnerships with the best service providers out there. Celsius Network is definitely a top lending platform and we are proud to be able to work with Alex Mashinsky and his great team on our lending offering."

Through these open finance services, operated by specialists curated by Onchain Custodian, the returns Onchain Custodian's clients get does not only offset their custody fees but unlock extra returns they can reinvest or hold. All these services and benefits, they can get from the same secure SAFE™ Platform they know and like.

As part of the partnership, Celsius will work on integrating Onchain Custodian's custody service to enable its own APAC clients to transact their assets through an Asia-Pacific, award-winning custodian when they are not deployed on the market.

Alex Mashinsky, CEO Celsius Network: "We chose to partner with Onchain Custodian as they are the premier Asian custodian with the best combination of technology and security. This will enable our Asian customers to know that their keys are safe and are held by a regional trusted name. We are also excited to offer our interest income and lending services to the Onchain Custodian community."

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. Onchain Custodian's solution is built with flexibility to meet the possible futures of digital asset custody.

Onchain Custodian is backed by Fosun, DHVC and Sequoia Capital, and is gaining significant foothold as it builds up its portfolio of institutional and accredited clients across the Asia Pacific region.

To find out more about Onchain Custodian, visit www.oncustodian.com.

About Celsius Network:

Celsius Network addresses the financial needs of today's consumers worldwide through a high interest income and low cost loans accessible via a mobile app. Built on the belief that financial services should only do what is in the best interests of the depositor community, Celsius is a Blockchain-based marketplace platform where membership provides access to curated financial services that are not available through traditional financial institutions. For additional information please visit www.celsius.network

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SOURCE Celsius Network