Hillstone Partners to Launch 'Custody' Services for Cryptographic Asset Management

Hillstone Partners said Wednesday that it will launch a digital asset management service called "Custody." To this end, it signed an agreement with BEPAL, which is a company that specializes in blockchain and provides security services, in Hangzhou, China on the 15th to cooperate strategically in various areas such as consulting blockchain technology and applying blockchain technology to businesses. The custodi service is a service that allows financial institutions to store and manage customer assets on behalf of customers in the existing financial sector. For example, when a foreign investor attempts to buy local stocks, bonds and cash, the bank will sign a consignment contract with a local bank and take over. Cryptographic data services are no different. Through custodian services, projects that have collected institutions, exchanges and funds can be free from cryptocurrency management, external theft or loss from hacking. This means that once custodian services are activated, a safer and more reliable market base will be created. BEPAL, under which Hillstone Partners signed an agreement, is a blockchain technology service company that provides blockchain technology and solutions to Chinese government agencies. The company's main business areas are blockchain technology, blockchain security, digital asset management and ecosystem building services. "Custody service is guaranteed by a third party institution to prevent embezzlement or hacking of employees by ensuring trust in both the technology and financial sector. It is also to provide investors with escrow-type safeguards," said Hwang Ra-yeol, CEO of Hillstone Partners. "As soon as we are ready, we plan to launch a service to manage and provide liquidity for projects and funds."