CACHE Partners with Onchain Custodian to Insure and Secure Gold-Backed Tokens
SINGAPORE, April 30, 2020 /PRNewswire/ -- Singapore-based companies CACHE Private Limited, a provider of fully-redeemable digital assets backed by gold, and Onchain Custodian Private Limited, the digital assets custody service provider backed by Fosun, Sequoia and DHVC, announced today a strategic partnership to enable the insured safekeeping of gold-backed tokens.
Onchain Custodian has securely integrated the CACHE blockchain infrastructure so that its existing customers can invest in a gold-backed digital asset while allowing existing and future CACHE token investors to safeguard their assets in a secure and insured way. CACHE will promote the use of Onchain Custodian services to institutional and qualified investors interested in managing their CACHE token holdings with an independent third-party custodian alongside their other digital assets.
CACHE Gold tokens (CGT), are backed 100 percent by investment-grade physical gold. The gold is stored around the world in secure vaults operated by Dillon Gage, Brink's, Loomis and The Safe House. Each CACHE Gold token is the equivalent to one gram of pure, physical gold. CACHE tokens can be redeemed for their equivalent value in gold at any time. In amounts as small as 100 grams, redeemed gold can be sold for USD, shipped to the token holder's address or collected in person at select vaults.
CACHE, which is regulated under Singaporean law, uses GramChain, a revolutionary new Proof-of- Reserve system, asset-tracking to store data as standardized events. This enables the public to view photos and see real-time status updates for each bar backing CACHE Gold. CACHE's token supply is kept in sync with its underlying gold supply via the CACHE Token Governor that ensures the number of tokens in circulation never exceed the number of grams of pure physical gold locked and tracked by GramChain. CACHE tokens are unique because they are backed by physical gold that is redeemable by token holders on demand.
Recently, Onchain Custodian released a new version of its custody platform with warm wallet service built using IBM's HSMs integrated with a secure computing platform, complementing its multi-sig cold storage offerings. In addition to the enterprise-grade secure service, Onchain Custodian's clients are able to deploy their assets through open finance service partners to enhance their investment, in addition to covering their custody fees.
Onchain Custodian's customers can lend out their digital assets, place them in investment products, and now buy and secure their gold-backed token holdings. They can also convert their crypto to fiat and back, as well as benefit from the independent escrow service of Onchain Custodian to secure the settlement of their OTC trades. All these ancillary services make Onchain Custodian a one-stop-shop for clients and a liquidity partner for crypto industry players.
Alexandre Kech, CEO Onchain Custodian: "All fungible valuable assets will ultimately be tokenised. Our objective is to become a token agnostic custodian provider enabling our customers to hold all their digital assets with us. Adding gold-backed CACHE tokens, is part of this grand plan. Working only with reliable players is also part of that plan and we are glad to be able to partner with the CACHE team."
Brian Hankey, CACHE co-founder said: "We are honoured to partner with Onchain Custodian because of their well-deserved status as a premier digital asset custodian with world-class technology, security and ease of use. Our customers can be assured their assets are safe with Onchain Custodian."
About Onchain Custodian:
Headquartered in Singapore, Onchain Custodian offers a global, standardized, resilient, insured and compliant custody service for the safekeeping of institutional digital asset investments with incomparable user experience. Onchain Custodian's solution is built with flexibility to meet the possible futures of digital asset custody.
Onchain Custodian is backed by Fosun, DHVC and Sequoia Capital, and is gaining a significant foothold as it builds up its portfolio of institutional and accredited clients across the Asia Pacific region.
To find out more about Onchain Custodian, visit www.oncustodian.com.
CACHE tokens are regulated, public, transparent and redeemable tokens backed by gold stored in accredited vaults around the world. CACHE uses GramChain, a revolutionary new Proof of Reserve system, that enables the public to view photos and see real-time status updates for each bar in each vault.
With worldwide liquidity and storage providers and accessible, auditable assets tracked by GramChain's Proof of Reserve asset tracking system and strict AML/KYC policies, CACHE provides fast, flexible redemption at scale with the option to sell the underlying gold for fiat currency. CACHE gold tokens are expected to be made available for purchase by the general public in the coming months.
For additional information please visit cache.gold
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