Algorand (ALGO) is all set to get institutional custodian support via Copper
Uk-based Copper is set to provide crypto custodial support for Algorand blockchain
.@CopperHQ announced that they are providing support for the Algo as well as ASAs! Read more on how their award-winning custody solution will provide the necessary requirements to enable new products & services launched on #Algorand to thrive ? https://t.co/Ucm0kV9Sxd pic.twitter.com/5v8tC8Ee9O
— Algorand (@Algorand) June 30, 2021
Copper to offer Crypto custodial services to ALGO
Per the announcement, the UK-based firm said its appointment as the custodian of Algorand and its products would provide well-deserved support to the over 4.5 million ASAs which are on the Algorand blockchain.
Algorand, whose uses have cut across industries, is an enterprise-ready blockchain that can execute thousands of transactions per second. It is faster, more scalable, and more secure compared to first-generation blockchains.
Already, the blockchain has hundreds of organizations building on its ecosystem, with several other industry applications ranging from real estate to microfinance and other use cases.
Algorand COO Sean Ford says the new development would allow the blockchain to help new products and services thrive by launching on the ecosystem. In his words, “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.”
He added that “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.”
Algorand will have access to Copper’s Management Tools
The press statement also revealed that Copper would allow Algorand access to its full suite of digital asset management tools.
Copper uses a cryptographic key sharding technology called multi-party computation (MPC) to secure storage of digital assets. Using this MPC technology, three separate key shards are created instead of one private key, thereby eliminating the risk of key exposure during online transactions.
The Copper’s platform provides a single hub for managing crypto assets in exchanges, hot wallets, cold storage vaults, and the Copper Clearloop, enabling instant trading from Copper’s off-exchange custody.