Copper.co, a leading provider of digital asset custody and trading solutions, today announced that it is providing support for the ALGO, the native token of the Algorand blockchain as well as Algorand Standard Assets (ASAs).
Copper’s multi-award-winning custody solution harnesses the security of MPC (Multi-Party Computation) technology. Algorand Standard Assets (ASAs) provide a standardized mechanism to represent any type of asset on the Algorand blockchain. ASAs benefit from the speed, security, transaction finality, smart contract capabilities and other advantages of the Algorand blockchain. Copper’s custody solution now has the ability to support these ASAs, which currently number over 4.5million on the Algorand blockchain.
With over 700 organizations building on Algorand’s advanced blockchain infrastructure, support by partners such as Copper provide the necessary requirements to enable new products and services launched on Algorand to thrive.
Having been appointed custodian for Algorand Inc’s native ALGO tokens and Algorand Standard Assets (ASA’s), Algorand will have access to Copper’s full suite of digital asset management tools which includes:
- Copper Platform – A secure closed environment for managing digital assets in multiple exchanges, hot wallets and colder storage vaults all in one space. Storage of digital assets is made secure using Copper’s MPC technology, which creates three separated key shards rather than one private key, largely eliminating the risk of key exposure in online transactions.
- Copper Clearloop – A unique clearing network, which enables instant trading from Copper’s secure off-exchange custody, thus resolving the issues that can arise from holding assets on a crypto exchange. Moreover, the instant settlement offered by ClearLoop allows for faster reaction to market movements, and therefore more agile trading.
Algorand provides an enterprise-ready blockchain, which has the capacity to execute thousands of transactions per second, making it faster, more scalable and more secure than first-generation distributed ledgers, and as such has a rapidly growing number of use cases, from payments to music rights to vaccination passporting.
Alex Ryvkin, Chief Product Officer, Copper, commented:
“We look forward to providing custody for Algorand and supporting the vast range of capabilities available to users of their blockchain. Algorand’s vision aligns with Copper’s own ambition: to provide secure and flexible solutions for institutional investors that can adapt to the changing cryptoasset space, while enabling full transparency and control.”
Sean Ford, COO, Algorand, said:
“With an increasing number of assets being launched on Algorand’s blockchain in recent months, it is vital for us to partner with trustworthy organizations like Copper to add custody for any form of assets created and managed by Algorand’s community. We are excited to expand the Algorand ecosystem with Copper, which brings secure custody solutions that are tried and tested across 250 digital assets and more than 40 exchanges.”
Notes for Editors: For more information, please contact Chanice Smith | Copper@cicero-group.com | +44 (0) 7850 229 457
Founded in 2018 by Dmitry Tokarev, Copper provides a gateway into the cryptoasset space for institutional investors by offering custody, prime services, and settlements across 250 digital assets and more than 40 exchanges. It is committed to providing flexible solutions for institutional investors that can adapt to the changing cryptoasset space, while enabling far greater transparency and control for asset managers.
Copper’s fully integrated products are unique in the cryptoasset space. Underpinned by multi-award-winning custody, Copper has built the comprehensive and secure suite of tools and services required to safely acquire, trade, and store cryptocurrencies, including access to margin lending trading facilities and the DeFi space.
At the core of Copper’s infrastructure is ClearLoop, a framework that connects the universe of exchanges in one secure trading loop — with real-time settlement across the Networks. Integrated with market leading spot and derivative crypto exchanges, ClearLoop has already transformed the way in which institutional investors can engage in the cryptoasset space since launching in May 2020.
Algorand is building the technology to power the Future of Finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless, and secure. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for decentralized finance (DeFi), financial institutions, and governments to smoothly transition into FutureFi. The technology of choice for more than 500 global organizations, Algorand is enabling the simple creation of next-generation financial products, protocols and exchange of value.