Custonomy raises US$2m in seed round to develop MPC crypto asset custody solutions for enterprises
HONG KONG, 09 FEBRUARY 2022 - Custonomy, an award-winning digital asset custody solution startup, announces it has completed a US$2 million seed round fund raise. The funding was led by leading global crypto financial services provider Babel Finance and crypto venture investor FBG Capital, with participation by ParticleX.
The seed funding will be used to power Custonomy’s next phase of growth. Capital will be invested to drive development work in the company’s ground-breaking, institutional-grade, ultra secure, enterprise key management solutions that manage crypto assets based on multi-party computation technology (MPC). The focus will be on helping and supporting enterprises to provide the best-in-class security solutions to safeguard crypto assets from cyber theft.
Custonomy launched in April 2020 as an early stage startup, in response to a growing need for investors and asset owners to protect their crypto assets from cyberspace theft. Over the last few years, more and more organisations and institutions have got involved in the crypto asset industry, satisfying their clients’ desire to own and invest in cryptocurrencies. The increasing demand to own and trade these assets has led to more risks to asset security, a major concern for every enterprise.
Custonomy’s purpose is to improve the enterprise digital asset security world. It is doing this by providing ultra secure custody solutions based on MPC technology that enables a safe, autonomous environment for institutions to manage their digital assets. By using cryptography and mathematically-based processes, enterprises have the freedom to innovate with genuine value-added customer services. It also allows them to keep pace with rapid changes to the market.
Commenting on the seed fund closure, Keith Hung, CEO and Co-Founder of Custonomy, said: “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.”
”We are very impressed with the technical capability, innovative solution and supreme execution power of Custonomy,” said Edmond Lau, CFO of Babel Finance. “We are proud to support Customony on the journey to provide the best possible solution to institutional clients.”
Custonomy also announced that its solutions are now generally available to all customers. In 2022, the company plans to enhance its solutions to provide a highly secure and user-friendly way for enterprises to manage their NFT assets.
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Custonomy is an award-winning, digital asset custody solution startup. Hong Kong-based Custonomy was founded in 2020 by a group of cryptographic, digital customer experience and enterprise solution experts in response to a growing need for investors and asset owners to protect their crypto assets from cyberspace theft. We focus on applying mathematically-embedded cryptographic technologies to blockchain security. Custonomy offers an award-winning, ground-breaking, institutional-grade, ultra secure enterprise key management solution that manages, stores and transacts crypto assets. Our mission is to help and support enterprises by providing best-in-class security solutions to safeguard all kinds of crypto assets.