Singapore's third-party institutional-grade custodian service KeySafeBank signed two MoUs agreements with NEM Singapore and PAL Network.
Owned by DataPost and 5M holdings, KeySafeBank has appointed NEM Singapore, a subsidiary of NEM Foundation Global, to power its platform with NEM’s world-class blockchain security solution.
The first MoU was signed with NEM Singapore, a subsidiary of NEM Foundation, according to a media release on Friday.
Secure Custody and Protection
«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,» Anthony Ong, Director, KeySafeBank, said.
KeySafeBank signed a second MoU with PAL Network, which owns a blockchain platform for decentralized insurance. PAL Network is a dual-layered protocol for financial assets that utilises data to bridge the gap between consumers and financial providers.
Insurance Coverage for Cryptocurrencies
PAL Network will provide insurance coverage for cryptocurrencies and digital assets that customers will hold with KeySafeBank when it is launched.
«PAL Network has been collaborating closely with NEM on blockchain projects earlier since the first half of the year, and we are excited to extend our partnerships to KeySafeBank. I believe InsurTechs are here to stay and as enablers, we introduce new innovative insurance products for this industry,» Val-Ji Hsuan Yap, CEO and Founder of PAL Network, said.
