Copper.co is pleased to announce it will be supporting XSGD, the Singapore dollar stablecoin that is currently the world’s largest non-USD stablecoin by market capitalisation, and XIDR, the Indonesian Rupiah stablecoin issued by StraitsX.
StraitsX will leverage Copper’s industry-leading institutional custody to manage its digital asset holdings.
Each XSGD and XIDR is backed by one Singapore Dollar and one Indonesian Rupiah respectively. With XSGD and XIDR, holders can make near-instant, low-cost transfers of XSGD, 24/7 on the Ethereum blockchain.
Copper’s infrastructure is underpinned by multi-award-winning custody and an Aon brokered crime insurance policy. Copper’s secure digital asset custody solution uses Multi-Party Computation (MPC) technology whereby key shards are created separately and in isolation, largely eliminating the risk of key exposure in online transactions.
Over 400 institutions use Copper as a custodian for their crypto assets both for the paramount security provided by Copper and for the wide range of supported tokens, which currently stands at over 450.
Aymeric Salley, Head of StraitsX, said, “With XSGD becoming the world's largest non-USD stablecoin and the launch of XIDR, we’re excited to expand the XSGD and XIDR ecosystem with Copper and leverage their secure custody solution to further enhance the StraitsX platform.“
Takatoshi Shibayama, Head of Business Development – Asia, Copper.co, added: “We’re delighted to announce our support for StraitsX as their institutional custodian for the world’s largest non-USD stablecoin, XSGD, and newly launched stablecoin XIDR. Their commitment to growing the decentralised finance ecosystem in Asia with progressive launches of these stablecoins to grow the adoption of digital assets, align with our vision of enabling safe and secure digital asset engagement globally.”
StraitsX is the pioneering payments infrastructure for the digital assets space in Southeast Asia developed by Singapore-based FinTech Xfers Pte. Ltd, a Major Payment Institution licensed by the Monetary Authority of Singapore. StraitsX offers personal and business accounts to deposit, hold and withdraw funds as well as to connect accounts to digital asset platforms. Business accounts can also access B2B API-enabled payments rails for digital asset platforms and issues the Singapore Dollar-backed stablecoin, XSGD.
Founded in 2018, Copper provides a gateway into the cryptoasset space for institutional investors by offering custody, prime services, and settlements across 450 digital assets and more than 45 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.
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.
Crypto assets carry a high level of risk and may not be suitable for everyone. Before deciding to purchase or trade crypto assets it is necessary to carefully consider financial objectives, level of experience and risk appetite. Loss of some or all of initial capital is possible.
Klareco Communications for Copper.co
Karen Yap | Kajol Singh
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