Limestone Network has partnered with Onchain Custodian to insure and secure the digital assets on its Smart City blockchain structure.
As part of the deal, Onchain will assume responsibility as custodian and storage partner by safeguarding the treasury and wallets.
Limestone Network infrastructure utilises blockchain technology to build smart cities, beginning with a 100-hectare development project in Phnom Penh, Cambodia.
In these cities, residents must initially register for a digital passport on the Limestone mobile app and pass background screening checks before being granted access to digital payments, building access, microloan applications, consumer data, and other financial services.
All transactions within the network require high security and insurance, which will be provided by Onchain’s insured custody SAFE platform.
Eddie Lee, co-founder and managing partner of Limestone Network, explained: “Building on a hybrid blockchain infrastructure, the smart city collects information through residents’ multiple daily touchpoints. These create an understanding of how the city moves, lives and functions.”
