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Singapore Sandbox Express project appoints Propine as custodian

Singapore Sandbox Express project appoints Propine as custodian

Singapore Sandbox Express, the famed crypto experimental program, will soon have a custodian. Propine, a firm based in Singapore, has got the state’s approval to offer digital securities custodian services for Sandbox Express. The firm already provides institution-level online securities services. This opens a whole new level of opportunities for Propine.

Propine will inherit a range of services by virtue of being a digital securities custodian. The responsibility of safe storage of digital securities, including private and public blockchain or digital assets, besides fiat currencies, will be managed by Propine. It aims to provide secure storage service to the institutions so that they can secure their assets, avoid hacking-related thefts and operate safely in the crypto realm.

Singapore Sandbox Express will introduce crypto in a new light

The Singapore Sandbox Express program showcases Singapore’s fintech potential. It aims to bring innovation, nurture startups, and accelerate the financial realm. At the same time, it aims to help the Monetary Authority of Singapore (MAS) to recognize and solve the potential challenges that a digital economy will bring with it. It further aims to create policies and business regulations related to the future fintech realm.

Propine now becomes the third addition to the official list of Singapore Sandbox Express project. BondBlox was the first addition to the sandbox, which was related to the blockchain realm. Singapore has always remained at the forefront of financial innovation, and this project is another feather in its cap.

Singapore’s ‘Fintech Regulatory Sandbox’ will bring forth the improvement in the fintech arena to the forefront. The Monetary Authority of Singapore wants to increase collaboration among the institutions and foster progress. Singapore supporting firms like Propine means that blockchain is fast being accepted as an integral part of the financial future.

Blockchain will play a substantial role in creating and managing wealth. Markets of the future will surely feature blockchain in one form or another. Propine’s Sandbox operations include addressing potential security challenges encountered during transactions within the sandbox framework.

Featured image by: Shutterstock

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Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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