Limestone Network partners with Onchain Custodian

29 Jul, 2020

Limestone Network announced a partnership with Onchain Custodian. The strategic collaboration with Onchain will allow for digital asset insurance and safekeeping. With it, Onchain becomes the exclusive custody and storage partner for Limestone Network.

Limestone Network: Blockchain-based smart city projects

Limestone Network, founded in 2018, focuses on building smarter, more secure and efficient cities. It wants to achieve this by providing a blockchain infrastructure. For this, the smart city entrepreneur wants to build a digital ecosystem that allows for real-time data analysis. As Limestone Network’s co-founder and managing partner, Eddie Lee, highlighted:

“Building on a hybrid blockchain infrastructure, the smart city collects information through residents’ multiple daily touch points. These create an understanding of how the city moves, lives and functions.”

The aim is to optimize energy production and enhance security through distributed ledger technology.

Limestone’s solution of a smart city ecosystem in Southeast Asia is based on digitalization and the development of a blockchain infrastructure. As such, it will solve issue areas for not only governments, but also real estate developers and estate managers.

The company launched its smart cities project with a 100 hectare mixed-use development project in Phnom Penh, Cambodia. Residents and workers register for a digital passport via Limestone’s mobile app. Identity screening follows with the help of a global database to check for criminal records. After clearance and verification, access to Limestone’s features follows. These include digital payment possibilities as well as access to buildings and financial services, such as micro-loan applications. Through the digital ecosystem, access to consumer data helps to better understand demands, behavior and demographics. In the end, new revenue channels are opened.

On the one side, the Limestone Network is a permission-based network set to empower consumers: Consumers’ consent for data access and usage is required. On the other side, service providers and other businesses can verify identities through the use of smart contracts. In addition, the need for intermediaries drastically decreases and leads to cost saving.

Onchain Custodian: Years of experience in digital assets custody

Onchain Custodian, founded in 2018 and based in Singapore, has built a standardized, resilient, automated and compliant platform. This platform allows for the safekeeping of institutional digital asset investments. In addition, Onchain works on developing a standard for digital asset custody.

Among others, the Singapore-based company offers comprehensive reporting services for the management of digital asset holdings. Moreover, Onchain developed its own SAFE digital asset custody platform. SAFE provides co-managed and also full custody solutions. Furthermore, user role assignment and tailored approval levels for transactions are possible. The institutional grade security platform further allows for multi-signature accounts. While, the custody solution’s security relies on IBM’s Hardware Security Module (HSM) and went through an audit by the NCC Group – The NCC Group is a global cyber security business. With SAFE, Onchain caters to the needs of exchanges, funds, ICO or STO funded enterprises, family offices, miners and asset managers.

Limestone Network partners with Onchain Custodian: Digital asset insurance and custody for future smart city infrastructure

To ensure a safe digital ecosystem infrastructure for future smart city projects and with it also digital asset custody, Onchain Custodian and Limestone Network signed a Memorandum of Understanding. With it, Onchain has secured the rights to exclusively serve as custodian and storage partner. Therefore, the digital asset custodian will safeguard Limestone’s treasury and wallets. Moreover, Limestone’s funds profit from Onchain’s insurance coverage by Lloyd’s of London.

Through the partnership, Limestone can increase the security in its ecosystem. This becomes possible with Onchain’s SAFE platform that will ensure custody for all transactions in the network. The strategic partnership will enable the Limestone Network to rest on a solid foundation.

Source: Limestone Network – News and Asset Servicing Times


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