Liminal HSM Vault & Institutional Custody

Liminal is a digital asset custody and wallet infrastructure provider founded in 2021 by wallet engineers formerly behind the Indian exchange ZebPay, led by founder Mahin Gupta. It operates through First Answer Pte. Ltd. with offices in Singapore, Dubai and Mumbai, serving exchanges, OTC desks, hedge funds, market makers, family offices and banks.

HSM Vault is its cold custody product for banks and institutions, combining Liminal's MPC and policy layer with Securosys HSM hardware. Private keys stay offline throughout signing: each transaction passes KYT and Travel Rule checks, an authoriser quorum, operator validation and offline approval, collecting four cryptographic proofs before the HSM signs. It can be deployed on-premise, co-located or through regulated partners, alongside Liminal's wallet infrastructure, staking and white-label custody apps.

• Hybrid HSM and MPC: Securosys HSM with patented SKA technology combined with Liminal's MPC layer.
• Offline signing flow: Private keys stay offline from compliance check to HSM signature.
• Four-step proofs: Authoriser quorum, operator, offline approval and custody manager each add a cryptographic proof.
• Integrated compliance: KYT and Travel Rule checks run on every transaction before signing.
• Granular access control: Devices, roles and permissions are managed with detailed audit trails.
• Flexible deployment: On-premise, co-located or via regulated partners, aligned with VARA, MAS and FSC rules.

A Vietnamese bank preparing a digital asset custody service can keep client keys in an on-premise HSM Vault. A licensed crypto-asset platform in Vietnam's pilot can hold most customer assets in cold storage with Travel Rule checks. A fund manager can approve large transfers through a multi-party cryptographic quorum.

Keys never go online, removing signing-time exposure that affects hot or semi-online custody setups. Cryptographic authorisation proofs replace manual and UI approvals, giving auditors verifiable records. Built-in KYT and Travel Rule checks through partners such as Notabene and TRM Labs keep each transfer compliant. Authorisers and policies can be updated without system resets, protecting business continuity.

Regulators from Dubai and Singapore to Nigeria and Kenya now set explicit rules on cold storage, key management and segregation for digital asset custodians. Banks in Southeast Asia exploring custody, stablecoins and tokenized deposits want on-premise, hardware-backed key control, a need that Vietnam's licensed crypto-asset pilot participants also face.

Founded in 2021; operated by First Answer Pte. Ltd., with entities Answer Eleven Pte Ltd (Singapore), First Answer Custody FZE (Dubai) and First Answer India Technologies Pvt Ltd (Mumbai). Backed by Andreas Antonopoulos, Balaji Srinivasan and Polygon co-founder Sandeep Nailwal. Holds ISO and SOC 2 Type 2 certifications; staking runs on Figment-powered nodes.