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Onchain Custodian, a digital assets custody platform, has partnered with blockchain transaction monitoring intelligence company Merkle Science to combat the criminal use of crypto assets.

The partnership is set to strengthen Onchain Custodian’s current compliance processes.

According to Mriganka Pattnaik, co-founder and CEO of Merkle Science, the partnership will mean that not only are Onchain’s client’s assets safeguarded but also that assets are not exposed to unnecessary risk from a financial crime perspective.

It was noted that this will help to move the industry towards “higher standards of security and compliance overall, thereby encouraging more institutional players to enter the market”.

Additionally, when required, the partnership will aim to produce more accurate data and reports for regulators and law enforcement agencies.

Pattnaik commented: “We are very pleased to be supporting Onchain Custodian with their transaction monitoring activities, especially as they are one of the leading custodial providers here in Singapore.”

El Lee, co-founder and COO, Onchain Custodian, said: “Digital assets and blockchain have potential to positively and meaningfully impact the financial industry.”

Lee continued: “We need to increase the adoption rate and trust is key. Trust from regulators that the industry can operate in a safe and compliant manner, and trust from industry players that risk can be managed in an effective way.”

Onchain Custodian also recently expanded its digital custody offering with the latest release of its SAFE platform, integrating cryptography services on an infrastructure hosted by IBM.

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