- Copper will provide an institutional user on-ramp into DeFi via its ClearLoop and Connect systems, as well as custody and staking services for Hedera’s HBAR token.
- More than 300 major institutions and cryptocurrency trading platforms are clients of the custodian, which is presided over by former British Chancellor Philip Hammond.
Through a cooperation announced on Tuesday, London-based cryptocurrency custodian Copper is extending institutional access to the Hedera blockchain. In particular, Copper will provide custody and staking services for Hedera’s token in addition to operating an on-ramp into the Hedera DeFi ecosystem.
Hedera is a decentralized public network that prioritizes asset tokenization. It operates via a custom algorithm called a “hashgraph.” Blockchain companies Archax and Ownera launched a BlackRock Treasury fund on Hedera earlier this year, albeit BlackRock was not directly involved.
According to Shayne Higdon, co-founder and CEO of the HBAR Foundation, institutional investors now have a simple and safe way to enter the Hedera ecosystem because of Copper’s integration.
Under the direction of former British Chancellor Philip Hammond, Copper serves more than 300 sizable organizations and cryptocurrency trading platforms. The company was one of the first to develop a cryptocurrency wallet utilizing multi-party computation (MPC) technology. A range of asset management services are also provided by it.
Copper’s ClearLoop settlement network, which was introduced in 2020 and draws liquidity from a network of exchanges and OTC desks including Bybit, Deribit Kraken, and OKX, will now be connected to HBAR. Additionally, customers can now connect the token to several DeFi protocols, such as Aave, by using Copper Connect, an institutional-focused Google Chrome risk management tool.
In order to expand its custom proof-of-stake network, Hedera raised $100 million in 2018 and courted a number of well-known companies, such as Google, FIS, Abrdn, and Dell, to join its governing council.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
