About Onchain Custodian：

Onchain Custodian strives to provide you with The Absolute SAFE for your Digital Assets. What this means is that our product is:

1. Secure – Security is at the core of everything we do, and this will always be our top priority.

2. Agnostic – Custody is our only business, and we do it well! We are not running an Exchange or Brokerage or any other business on this side. This allows us to remain focused on our core product and keep it safe from any added risk that may come out of related businesses.

3. Future-Proof – In the fast-moving space of cryptocurrencies and blockchain, there are continuous innovations in the way that digital assets can be stored and utilized. We keep one eye on the future and make sure that we are working on tomorrow's needs today.

4. Efficient – While keeping your funds safe, we realize we also need to make it easy and fast for you to access your funds. Our simplistic UI is carefully planned to make it easy to browse for even the less technically inclined users. And relationship managers and operations team work closely with every client to make sure you have access to your funds whenever you need them.

We see ourselves as providing a boutique and personalized private banking service to our clients, all of whom are Institutions, High Net Worth Individuals and Accredited investors.

Onchain Custody's management has a very healthy mix of professionals who understand Crypto and Blockchain, have helped shape this industry in Asia and professionals who come with successful traditional finance careers and have a strong grasp of how custody fits within the new Crypto ecosystem that we are building.

Our CEO, Alex, has 20+ years of experience in the capital market industry. From global custody and asset servicing at the Bank of New York to data standardisation and Head of Securities & FX APAC at SWIFT, Alex has developed a strong post-trade industry leadership experience, extended in recent years to digital assets and blockchain.

Our CSO, Raymond, has over 30 years of professional experience in consulting, financial industries, and token economy. He was with KPMG China as Partner, Ernst Young China as Director of Business Strategy, IBM China as Senior Advisor, and Standard Charted Bank as Head of System Development. He is also the principal and founder of Global Blockchain and Digital Economic Academy.

Our COO, El, is an early adopter of crypto with a passion for crypto assets, equities and real estate investments. El is a former investment banker specialising in capital markets, and brings with him experience from previous stints at CIMB Group and J.P. Morgan Chase & Co. He holds a Bachelor of Science in Information Systems Management from Singapore Management University.

Finally, our Chair of the Board, Da Hongfei, Founder of NEO & Onchain, is a key opinion leader of the Chinese blockchain industry and serial entrepreneur. Da Hongfei is blockchain advisor to a handful of banks, brokers, and clearing houses. In 2014, he founded NEO, a blockchain to register, transfer, and exchange digital assets, and led it to become the benchmark in the Chinese blockchain community.

Cryptocurrencies have created massive value in the last few years. Unfortunately, securing this wealth has been an afterthought for most and bad actors in this space have been taking advantage.

In the world of Crypto, all assets are stored on the Blockchain, visible to everyone. Imagine having all your savings in a transparent box in the middle of a crowded street. The only thing preventing someone from getting inside is the private key. Would you leave the key on a word file in your desktop or on a notepad on your bedside or carry it around in your backpack or have it saved on your phone? Sadly, most people do!

It is believed that out of the 21 million Bitcoin to ever be mined, 2.78 – 4 million has already been lost forever. Since 2011, hacks on exchanges have seen over $1.4 billion stolen and there are new ones each week. With the right measures, technology, checks and balances, this could have been avoided.

Let's take a quick look at the type of custody options available today and some of their benefits and drawbacks.

The first is Exchanges. A lot of individuals keep their funds on exchanges. While it is very efficient and deposits and withdrawals at most exchanges is almost immediate, it comes with the highest level of risk because users rely completely on the exchange’s security. Most exchanges keep funds in hot or multi-sig wallets with poor internal controls. The number of incidents reported of funds being stolen from exchanges, even the big ones, is testimony to exchanges not being a reliable custody solution.

The second is Self-Custody, this also includes hot wallets that are installed on computers and smartphones and personal ledgers. Having Self-Custody provides a high amount of control and is often free but comes with its own perils. Going back to the example of the transparent box, having self-custody is exactly like hiding the key to that box in your house and having to carry it around if you need to access your funds. It is susceptible to getting lost, getting damaged or worse, getting stolen.

The final solution is seeking external Custody. Using an external solution is by far the safest way to secure your assets. The checks and balances that come along with the technology ensure that you can protect your assets even from internal threats. Additionally, as custodians are focussed on just security, they are able to keep evolving their product and mechanisms to tackle new threats.

The reason Efficiency is not complete yet is that while custodian services are always available, due to multiple steps in place, withdrawals often take longer than a single-key hot wallet. That said, with the onset of HSMs, this is changing. Similarly, there are many developments on the Regulation and Insurance space with certain jurisdictions having already issued custody licenses to digital asset custodians which in turn is promoting underwriters to start providing some level of insurance.

At Onchain Custodian, we currently offer two types of Custody Solutions, Co-managed Custody and Full Custody. Based on the client's company setup, business focus and personal comfort, they can choose the solution that works better for them. They can even use both as we allow multiple wallets per custody type within the same account.

In the Co-managed solution, the client and Onchain, each hold one (1) private key. A third private key is kept as back-up to protect against loss of key by client. Wallets are co-created, that is, they use the public keys from both the client and Onchain. Similarly, at the time of withdrawals, authorization is provided by both the Client and Onchain in the form of approvals and subsequently signatures (private keys).

In the Full custody solution, Onchain Custodian is responsible for managing all the private keys. While withdrawal approvals are still required from both the Client and Onchain, for wallet setup and transaction signing, Onchain bears all the responsibility.

It is important to note that in either type of custody, any withdrawals can only be initiated by the client. Also, there are multiple individuals with limited roles in the process which provides the required check and balance.

The example in the slide is for a 2/3 multi-sig wallet, that is, two out of three private keys are required to transact out of the wallet. We also offer a 4/5 multi-sig wallet in which a client can hold two (2) private keys.

We have quite a thorough and mandatory KYC process at Onchain Custodian and while that can create some initial inconvenience, it is important for us to stay compliant as we want to be a regulated provider.

Custody needs of an Asset Manager are very different than those of an Exchange or OTC Broker. Our clients can create multiple users within their account with varying duties, roles and approvals to adapt our platform to their internal workflow.

The primary difference between the Co-managed and Full Custody solution is choosing between having more control over the wallet's private keys and the convenience of not having to hold any private keys.

Q&A:

Q1、Do you have any license or are you planning to have one? What are your main client target?

Onchain Custodian：We are currently in the process of applying for a custody license from the MAS. Till we get licensed we can support cryptocurrencies and utility tokens only. We are a Singapore registered company and are bound in our dealings under the companies law here.

Our target clients are institutions, high net worth individuals, asset managers, protocols and exchanges.

Q2、What do you think will be the main driver for adoption of crypto custodian? Regulation? Lose due to hacking or decentralized exchange and the move to a model where exchange will not more keep client asset?

Onchain Custodian：I think it will be a combination of a number of factors. Like you rightly mentioned, regulation will be one of them. Recently FSA in Japan brought out guidelines for maintaining assets in cold wallets. I expect similar moves in other jurisdictions. Instead of having to keep up with all these changes, exchanges are better off focusing on their main business and trusting custody to a qualified custodian.

Another important driver will be the entry of traditional institutions in this area. They are used to having custody service and would like to focus on their main business which is asset management or lending or insurance etc instead of worrying about the security of their assets.

Q3、What is the biggest advantage compared to other digital asset custody projects?Will ONT provide technology support for it?

Onchain Custodian：We are not positioning ourselves as a mass market product and are actually providing a very personalized and private banking sort of service to our clients. This definitely sets us apart from other custodians. Additionally, our platform is extremely intuitive which allows even first time users to be comfortable with using it. On the technology front, we are amongst the top providers as well and are continuously innovating in this space to stay ahead of the game.

Onchain Custodian’s platform also shines with its ability to adapt to corporate and institutional structure through flexible role creation including co-signed and approver. Trust is also a vital for client to use a custodian. Our technology provider - Onchain, audited source codes, highly experienced management team and credible investors serve to reinforce the trust that prospects/clients should have in us.

Q4、Hi, there is a secure feature in your presentation, "Approvals and private-keys are distributed amongst multiple individuals, with no one person having control over the system to provide checks and balances.", how does your team achieved this goal, by process control or some kind of technology?

Onchain Custodian：We achieve this by process control. Only certain roles on the client side are authorized to initiate a withdrawal request. The address they request to withdraw to also has to be a whitelisted address. Any new address added to this has to go through a formal process.

Once a request is initiated it goes through multiple approvals and signatures. All of which occur in a sequence and involve only pre-authorized and pre-assigned individuals.

On the technology front as well, we currently offer only cold storage so the keys are always offline in biometric secured vaults.

Q5、My 2nd question is does your company use blockchain technique to support the protection of digital asset? if so, which blockchain do you use? 

Onchain Custodian：We do not have our own blockchain. We have to work with the blockchains that the assets of our clients are based on. Currently we support BTC, ETH and LTC and very soon we are going to add NEO and ONT. Thereafter we will continue to onboard new blockchains and associated tokens periodically.

Q6、Do you have used any special encryption technique for protection of digital assets? And is there any privacy protection technology or policy having been used for some anonymity requirement?

Onchain Custodian：We have a multi step process that involves process controls, various levels of authentication check at user and our side, hardware wallets for cold storage and external security features like vaults, cctv and control access to facilities.

As for anonymity is concerned, we require complete kyc from all our clients. The information they submit to us is secured on our servers.

How Can I Participate?

Step 1. Sign in DRC platform (web.drc.info), and complete KYC in My Account; 
Step 2. Provide your demo materials to DRC assistant (see Contact below) and wait for review. 

Eligibility

Project eligible for Demo Day should：

1. have complete basic project information, including official website, whitepaper, team introduction, etc.

2. sign up for the DRC platform, and provide complete project information;

3. guarantee that all the information or materials provided to DRC platform is true and legal;

4. guarantee that its tokens have no securities attributes.