Cryptocurrency
Algorand Builds Relationship With Crypto Custodian Copper
Algorand ($ALGO) wants to build a deep relationship with the U.K. cryptocurrency custodian Copper. They’re looking to Copper primarily for its safe-keeping provisions. But also to explore the custodian’s ClearLoop system of instant asset exchange and settlement. As reported by CoinDesk: U.K.-based cryptocurrency custodian Copper has been appointed to provide the safekeeping of assets on […]
Algorand ($ALGO) wants to build a deep relationship with the U.K. cryptocurrency custodian Copper.
They’re looking to Copper primarily for its safe-keeping provisions. But also to explore the custodian’s ClearLoop system of instant asset exchange and settlement.
As reported by CoinDesk:
U.K.-based cryptocurrency custodian Copper has been appointed to provide the safekeeping of assets on the Algrorand blockchain.
Copper, which harnesses a cryptographic key sharding technology called multi-party computation (MPC), will be supporting Algorand’s native token, ALGO, as well as Algorand Standard Assets (ASAs), the tokenized representation of other asset types on the proof-of-stake blockchain.
Crypto custodians are adept at adding support for new tokens and coins, and Copper is no exception. Meanwhile, Algorand is supported by a range of specialist custodians such as Coinbase Custody and BitGo.
But the current pairing is a deeper partnership: Algorand is looking beyond Copper’s safe-keeping provisions to explore the custodian’s ClearLoop system of instant asset exchange and settlement, for example.
“Copper adds a layer of speed that you wouldn’t be able to find outside of their network, and of course this is right up Algorand’s alley of being extremely fast, secure and efficient,” David Markley, Algorand’s director of business solutions, said in an interview.
Founded in 2017 by Turing Award–winning MIT professor Silvio Micali, Algorand now has some 700 organizations building on the blockchain and some serious money behind it, including a $100 million Algorand ecosystem fund launched earlier this month by Arrington Capital.
As well as looking after ALGO tokens, which may include those used for staking on Algorand, Copper will be charged with looking after the 4.5 million ASA assets represented on the chain.
Read the full article at coindesk.com.
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