KeySafeBank announced that it has signed two MoU agreements with PAL Network and NEM Singapore at the Singapore Fintech Festival last week. The two partners will collaborate with them on their newest digital assets vault service which seeks to offer secured third-party institutional-grade custodian services to the users.

The Blockchain Aspirations of KeySafeBank

KeySafeBank is a joint venture between 5M holdings and DataPost that provides an institutional-grade custodian vault to store cryptocurrencies securely. It banks on 5M’s blockchains security solutions and the data handling capabilities of DataPost to provide secure, third-party custodian services to the user.

Talking about the new agreements, Anthony Ong, Director, KeySafeBank said:

“KeySafeBank is very excited on our partnership with NEM and PAL Network. With NEM offering Smart Asset Blockchain platform and PAL Network as the leader in Crypto Asset Insurance, this partnership brings an enhanced value proposition to our crypto customers in secure custody and protection.”

PAL Network, the owners of a decentralized insurance platform based on blockchain, is a dual-layered protocol for financial assets that uses data to bridge the gap between financial providers and consumers. It will provide insurance coverage to the digital assets that customers hold in KeySafeBank when it is released. Val Ji-Hsuan Yap, Founder, and CEO of PAL Network said:

“I believe InsurTechs are here to stay and as enablers, we introduce new innovative insurance products for this industry.”

New Developments for NEM

The joint venture has appointed NEM Singapore to manage the platform with its world-class blockchain security solution. NEM Singapore is a subsidiary of the NEM Foundation Global. NEM Singapore’s country leader William Tan commented on the recent partnership, saying that the firm is constantly looking for prestigious partners who could utilize their services.

Both PAL Network and NEM have worked together since the first half of the year. NEM’s blockchain solutions can be used for numerous asset classes, including currencies and even supply chains.

Recently, NEM’s blockchain solution was used by Chronoswiss, a watch manufacturer who launched limited edition crypto-watches for their customers. The luxury watches were designed in collaboration with Tech Bureau Europe and registered on the NEM blockchain by Malaysia-based anti-counterfeit service provider LuxTag. Owners of these watches can get blockchain-based certificates for their purchases and track their ownership and history as well.

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