On April 20, 2020, KuCoin announced that it has completed strategic cooperation with Onchain Custodian, Singapore’s crypto-asset custody platform. Onchain Custodian will offer custody service for the safekeeping of KuCoin crypto assets. The custodial funds will be backed by Lockton, the world’s largest private insurance brokerage company.
KuCoin and Onchain Custodian Ally to Secure Crypto Funds
Recently, crypto assets have developed rapidly, and the total value of global crypto assets has reached 200 billion US dollars. However, compared with traditional financial markets, crypto assets are still in the primary stage of early infrastructure development.
Incidents such as exchange hacks and operation issues have caused investors’ confidence in centralized exchanges to be greatly damaged. There are more than 28 exchange security incidents in 2019, of which more than 70% are stolen crypto assets; in February this year, FCoin entered an indefinite shut down due to system problems, as high as 132 million US dollars will not be redeemed.
Through this partnership, KuCoin and Onchain Custodian will conduct insurance and custody cooperation in terms of fund security to ensure the security of the crypto-asset market infrastructure from various aspects such as rules, processes, and technologies. KuCoin will continuously improve the security and compliance of crypto assets to create a safe trading environment for investors.
KuCoin Global CEO Johnny Lyu said:
“Since its establishment in 2017, security has always been one of KuCoin’s top concerns. For this reason, we have joined forces with leading global security companies such as Chainalysis and global white hats to protect users’ crypto assets. After the cooperation with Onchain Custodian, we will further improve the security of user assets by implementing asset separation. Onchain Custodian’s regular audit system and the insurance company will provide an additional layer of protection for KuCoin users.“
Founded in September 2017, KuCoin has grown into one of the most popular crypto exchanges. Now, KuCoin offers financial services including fiat-to-crypto, crypto-to-crypto, futures, staking, borrowing, token launch and more to its 5 million users across 207 countries and regions around the world. One out of four crypto holders worldwide are with KuCoin.
Onchain Custodian offers a global, standardized, resilient, insured and compliant custody service for the safekeeping of institutional crypto-asset investments with incomparable user experience. In 2019, it passed NCC encryption and application audits, and Lockton provided crypto and other asset insurance for Onchain Custodian’s crypto-asset custody platform.