Crypto Asset Management Firm Babel Finance leads US$2m seed round for Custonomy to develop MPC crypto asset custody solutions
Custonomy's next phase of expansion will be fueled by the seed money. The funds will be used to further the company's ground-breaking, institutional-grade, ultra-secure corporate management systems for crypto asset management using multi-party computation technology (MPC). The emphasis will be on assisting businesses in providing best-in-class security solutions to protect crypto assets from cyber theft.
Custonomy was founded in April 2020 as a seed stage company in response to a rising need among investors and asset owners to secure their crypto assets from internet theft. More and more businesses and institutions have become involved in the crypto asset market in recent years, allowing their customers to hold and invest in cryptocurrencies. Babel Finance's crypto team sees the growing desire from investors to own and trade these assets and is aware that asset security threats are a serious concern for investors.
Keith Hung, CEO and Co-Founder of Custonomy, commented on the seed fund closure: "Custonomy's mission is to be the cornerstone and go-to solutions provider for enterprises that want to get involved in crypto and the metaverse. We are delighted to close this seed round of funding and now look forward to focusing our collective team efforts on being Asia's No. 1 crypto custody solution provider."
The goal of Custonomy is to improve business digital asset protection. It offers ultra-secure custody solutions based on MPC technology that allows institutions to manage their digital assets in a secure and self-contained environment. Enterprises have the opportunity to innovate with true value-added client services by utilizing cryptography and mathematically-based procedures. It also permits them to stay up with the market's quick developments. Babel Finance's crypto lending arm will be able to leverage the use of Custonomy's custody solutions.
Babel Finance's CFO, Edmond Lau, remarked from Babel Finance's Hong Kong office, "We are very impressed with the technical capability, innovative solution, and supreme execution power of Custonomy." "We are proud to support Customony on the journey to provide the best possible solution to institutional clients."
Custonomy also revealed that its solutions are now available to all clients on a broad scale. In 2022, with the seed funding led by Babel Finance, Custonomy intends to improve its solutions so that businesses may manage their NFT assets in a highly secure and user-friendly manner.
About Babel Finance
Babel Finance is a global leading crypto financial services provider, offering institutional and HNWI investors professional services covering crypto lending and crypto trading.
The company is backed by prominent investors including Sequoia Capital China, Tiger Global Management, BAI Capital, Zoo Capital, Dragonfly Capital, and NGC Ventures.
With a business focus in Asia and a business headquarters in Singapore, Babel Finance has established close cooperative relationships with major global exchanges, custodians, investment funds, and mining institutions.
The issuer is solely responsible for the content of this announcement.