CoKeeps CEO Suhanna Husein
In a groundbreaking development for the digital asset landscape in Malaysia, CoKeeps recently announced that it has secured full approval as the country’s inaugural Digital Asset Custodian (DAC) from the Securities Commission Malaysia (SC). According to the company, this endorsement positions CoKeeps as a qualified entity entrusted with the responsibility of safeguarding cryptocurrencies in a manner compliant with regulatory standards.
The approval by the SC signifies a significant step forward, indicating the regulatory body’s acknowledgement of the increasing adoption of digital assets by both individuals and institutions.
CoKeeps CEO Suhanna Husein expressed the company’s gratitude for the approval after three years of diligent work in developing a robust DAC solution with the guidance of the SC.
Husein commended the SC for its pioneering role in formulating a systematic approach to regulating digital assets, citing the guidelines as a clear roadmap for this asset class’s secure and responsible evolution.
“We are committed to working closely with the SC to ensure that our DAC solution meets the highest regulatory standards, and we are excited to play a leading role in the development of the digital asset ecosystem in Malaysia,” added Husein in a press statement.
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CoKeeps distinguishes itself through its proprietary technology, the CoKeeps Wallet, which the company describes as an institutional-grade digital asset management tool. Leveraging decentralised security and multi-party computation (MPC) methodology, the CoKeeps Wallet removes single points of failure commonly associated with storing cryptocurrencies. The platform offers a range of features, including cold wallets, hot wallets with API access, and smart contract solutions.
Husein highlighted the uniqueness of CoKeeps’ security features, built to withstand both external and internal threats. The company primarily targets the B2B market, catering to institutional players such as digital asset exchanges, trustees, fund managers, custodians, and investment banks. Nevertheless, CoKeeps also extends its services to individuals with substantial holdings.
In an email to e27, Caleb Khew, Head of Operations at CoKeeps, outlined the company’s approach to user acquisition, relying on word of mouth, industry events, and traditional cold calling. Despite the industry’s current size, Khew is optimistic about future growth, anticipating increased interest as the digital asset market expands.
Operating with a team of fewer than 10 people, CoKeeps has undergone two rounds of angel investments.
Recognising the Malaysian market’s cautious approach, Khew emphasized the company’s strategy to address specific issues for each target customer segment, simultaneously exploring opportunities in other countries with digital asset-friendly jurisdictions.
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The company actively engages with regulated entities in the capital market, collaborating with recognised market operators, digital asset exchanges, and financial institutions incorporating the digital asset class into their offerings.
CoKeeps aims to fill a crucial gap in the market by providing security solutions that authenticate every action at each layer, mitigating the risk of insider threats and enhancing trust in the digital asset ecosystem.
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Image Credit: CoKeeps
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