Limestone Network to Secure Smart City Blockchain Infrastructure with Onchain Custodian
Singapore, 23 July 2020 – Limestone Network, blockchain-based smart city project, announced a strategic collaboration with Onchain Custodian to insure and secure the digital assets on its blockchain infrastructure.
With the MOU signed, Onchain Custodian will be the exclusive custodian and storage partner to Limestone Network, safeguarding its treasury as well as wallets. Being Singapore’s first insured digital asset custodian, Limestone’s funds held by Onchain Custodian will be covered by insurance. Both companies are committed to work towards building a safe and secure foundation for the network.
Limestone Network to revolutionize smart cities
Based in Singapore, Limestone Network is leveraging blockchain technology to build smart cities, kickstarting with a 100-hectare mixed-use development project in Phnom Penh, Cambodia, that welcomes a daily population of 190,000 people.
“Building on a hybrid blockchain infrastructure, the smart city collects information through residents’ multiple daily touchpoints. These create an understanding of how the city moves, lives and functions,” said Eddie Lee, co-founder and managing partner of Limestone Network.
Residents and workers first register for a digital passport via the Limestone mobile app. Their identities are then screened against global databases to check for criminal records, and once cleared and verified, they will gain access to Limestone’s features such as digital payments, tap-in tap-out access to different buildings, application for microloans and other financial services.
Through Limestone Network, the government, city planners, banks, real estate developers and businesses can tap into valuable consumer data to gain better understanding of consumer behavior and demographics and generate insights that help open up new revenue channels.
As a permissioned-based network, Limestone Network empowers consumers by enabling them to manage consents for their data and usage. Service providers and merchants will be able to verify consumers’ identities by requesting for the data via secret smart contracts.
Its secure data portability also removes the need for intermediaries such as agencies between service providers and consumers. These cost savings can then be transferred to the consumers.
Securing Limestone Network with Onchain Custodian
All of the transactions that happen within Limestone Network require elevated security and insurance. To heighten the security in its ecosystem, Limestone Network is collaborating with Onchain Custodian to adopt their secure and insured custody SAFE Platform.
Sean Lim, Head of Business of Limestone Network and Steve Clark, Director – Global Head of Sales, Onchain Custodian.
Onchain Custodian (ONC) is an insured, secure, convenient & compliant digital asset custody & open finance service provider in Singapore. ONC’s customers are digital asset exchanges, funds, token projects, payments platforms, corporates, licensed trustees, HNWI and FOs. ONC insources all wallet needs in an automated enterprise-grade operational and technological platform.
They were awarded the 1st placing in the Singapore Founder Category of FinTech Awards during the annual Singapore FinTech Festival in November 2019, a global FinTech initiative that was organized by the central bank of Singapore. Today, Onchain Custodian has established itself as the go-to custodian for both Payment Services licensed companies and applicants in Singapore.
As one of the first custodians globally to have insurance coverage over digital assets under custody, Onchain Custodian’s SAFE platform is insured by Lloyds’ of London underwriters and protected by IBM FIPS 140-2 Level 4 Hardware Security Modules. From day one, the company has been compliant to the stringent and evolving AML and CFT regulations.
Onchain Custodian will assist to secure the safekeeping of Limestone Network’s digital assets. We have strategically aligned ourselves to provide secure custody solutions to enable Limestone network to launch on solid foundations.