Copper.co, a provider of digital asset custody and trading solutions, is now 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 standardised 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 4.5 million on the Algorand blockchain.
With over 700 organisations 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, says: “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.”
W Sean Ford, COO, Algorand, says: “With an increasing number of assets being launched on Algorand’s blockchain in recent months, it is vital for us to partner with trustworthy organisations 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.”
