orbix CUSTODIAN gears up for full-fledged digital asset custody services in 2025
orbix CUSTODIAN Company Limited is advancing preparations to become a leader in the digital asset custody business with three core strategies: secure cryptographic key management, responsive services regardless of market conditions, and support for a diverse range of digital assets.
The company is determined to promote domestic digital asset businesses with its digital asset custody services regulated by the Securities and Exchange Commission (SEC). These efforts are intended to raise the bar of digital asset custody and foster confidence among digital asset businesses in Thailand. The company is now fine-tuning its systems in preparation for anofficial launch in early 2025.
Mr. Ken Robert Svensson, Managing Director of orbix CUSTODIAN Company Limited, said, “Thailand is progressing towards development of a more secure and innovative digital asset industry.” On September 13, 2024, orbix CUSTODIAN Company Limited (orbix CUSTODIAN), a subsidiary of Unita Capital Co., Ltd. which is part of KASIKORNBANK FINANCIAL CONGLOMERATE, became the first company in Thailand to receive a Digital Asset Custodial Wallet Provider license from the Ministry of Finance, under the supervision of the Securities and Exchange Commission (SEC). This marks another milestone in Thailand’s digital asset ecosystem, which will enhance confidence and security for both digital asset businesses and investors. The digital asset custody operations are governed by regulations of the Securities and Exchange Commission (SEC) and the Office of the Anti-Money Laundering Commission (AMLO).
Orbix CUSTODIAN has consistently enhanced its service systems in preparation for the official launch in early 2025. Leveraging its expertise in infrastructure, technology and cybersecurity standards, the company has designed its services to align with specific use cases, efficiently meeting the needs of domestic digital asset businesses. Moreover, the company is supported by a seasoned management team and staff members with extensive experience in digital assets. With corporate governance as its operational cornerstone, orbix CUSTODIAN has defined three key service strategies as follows:
1. Secure cryptographic key management : orbix CUSTODIAN prioritizes the security of customers’ digital assets by utilizing HSM (Hardware Security Module) technology, with Federal Information Processing Standard (FIPS) 140-2 Level 4certification. This system is recognized as having the highest security level for encryption in this standard, thanks to its effectiveness in detecting and preventing unauthorized physical access to encryption keys. To further ensure the security of customers’ digital assets, the company has collaborated with IBM in technological development to enhance transactionsecurity by ensuring that all transactions require approval from both the customer and orbix CUSTODIAN.
2. Responsiveness to market demands in all conditions: orbix CUSTODIAN is committed to meeting the customers’needs through high flexibility and the ability to address key aspects of customer requirements, including:
• Capability to facilitate a diverse range of digital assets: Due to the varying need for digital asset support of each customer and limited number of coins held by digital asset custodians to meet the customers’ needs while the company expects that the development of digital assets will be endless, orbix CUSTODIAN has developed a flexible technology and a team that is responsive to the customers’ diverse needs. Customerscan submit their request regarding the coin they would like the company to support.
• More flexible transaction approval system: orbix CUSTODIAN recognizes that each organization has a unique operational structure, including varying levels of transaction approval complexity and different needs. Therefore, the company has designed a more flexible system to accommodate customers in managing their digital assets, such as customizing approval structures. Customers can also integrate their existing transaction approval systems, enhancing their overall user experience.
3. Promoting digital asset businesses in Thailand: orbix CUSTODIAN recognizes the limitations faced by domestic digital asset issuers in raising funds, particularly challenges in finding custodians that can support the safekeeping of digital assets. Therefore, the company is committed to acting as a digital asset custodian for assets issued domestically through the digital asset exchange, ensuring enhanced security for asset storage and fostering a sustainable ecosystem in Thailand’s digital asset market. Additionally, the company is ready to collaborate with local businesses for mutual growth.
Mr. Pisut Darmaraksa, Managing Director of orbixCUSTODIAN Company Limited, said, “Being the first to obtain the license from the Ministry of Finance and to be regulated by the Securities and Exchange Commission (SEC) is a testament to the company’s dedication. With this in mind, the company is committed to enhancing its services to meet customers’ needs, ensuring the highest level of security for digital asset businesses and investors in the country to instill confidence in all stakeholders. Our experienced and expert team is fully capable of serving customers. The launch of orbix CUSTODIAN marks a milestone in elevating Thailand’s digital asset industry. As the company is the first licensed digital asset custodian in the country, this helps bridge regulatory gaps, resulting in increased transparency and confidence among investors in the industry.”
Disclaimer: Digital assets involve risk; investors should study related information carefully and make investments in accordance with their own risk profile.
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