SINGAPORE, March 24, 2021 (GLOBE NEWSWIRE) — The world’s first hybrid liquidity aggregator, Finxflo, has signed a deal with Onchain Custodian to provide custody services in preparation to meet updated anti-money laundering (AML) regulation, commonly known as the ‘Travel Rule’.
The Travel Rule requires crypto companies to share customer information with each other as part of a transaction. As more and more jurisdictions around the world begin to implement these rules as a prerequisite to obtaining operating licenses, it is imperative for key industry players like Finxflo to have all of the required contingencies in place.
Many global crypto firms have been struggling with the practical challenges of the travel rule as they contend with maintaining a robust process where the ability to comply with the rule is largely dependent on counterparties providing the necessary information.
In Singapore, however, the MAS have adopted a proactive approach, and have already provided clear guidance on the travel rule (MAS PSN02), which is helping to create a safe environment for firms to make a head start on compliance before the global regulatory go-live.
Onchain Custodian is an integral custody and open finance service for institutional clients to manage digital assets safely and securely whilst complying with compliance requirements, among which those set out under the Travel Rule. They continue to make significant advances in this space and are participating in the several Singapore testing programme.
Finxflo, a regulated, secure trading platform, believes that Onchain Custodian is the perfect custodian for clients’ funds. “Finxflo is designed to offer the best rates and prices from the world’s leading CeFi and DeFi protocols through one connection, account, and KYC process, and this adherence to quality extends to its choice of partners. We are confident that this association will yield positive results for both companies, but most importantly, for our customers,” said James Gillingham, CEO at Finxflo.
“Onchain Custodian is proud to be the custodian of choice for Finxflo. Working with such an experienced team, that have a clear vision of what they want to achieve for their customers has been inspiring. Together, we are working to ensure Finxflo and their customers’ need for low-latency and convenience is met, without compromising on security or compliance,” said Alexandre Kech, CEO of Onchain Custodian.
Co-founded by leaders in their respective niches, Finxflo is a platform that focuses on changing the cryptocurrency market through innovation. As the world’s first hybrid DeFi/CeFi liquidity and protocol aggregator, Finxflo brings a one-stop solution for all cryptocurrency traders and investors. Using only one account with one KYC, our users are now able to utilize liquidity from 25+ various CeFi and DeFi platforms through a single user interface. In simple terms, Finxflo blends all the upsides of DeFi and CeFi ecosystems to produce the ultimate product.
About Onchain Custodian:
Headquartered in Singapore, backed by Sequoia Capital, Fosun & DHVC, Onchain Custodian offers a secure, compliant and convenient platform to institutional players for the safekeeping and investing of digital assets. Award winning custodian in Asia-Pacific, they work towards building the industry through active participation to industry groups such as the Global Digital Finance (GDF) and other initiatives aiming at bringing the crypto and digital asset industry to a sustainable institutional and mass adoption.
Contact: James Gillingham
Telephone: +65 8923 8386
E-mail: [email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eb917888-5da6-4665-85f0-461dd18f87a5