Elrond Network, the developers of the eponymous internet-scale blockchain protocol, announced that the technology it creates has been integrated by Copper.co, a provider of digital asset infrastructure and trading solutions, which will enable it to provide custody services for the EGLD digital currency and assets issued on the Elrond blockchain.
EGLD is the native, capped supply utility and settlement token of the Elrond Network. The token is used for transaction fees, staking on the Elrond consensus layer, decentralised financial products, and the issuance of tokenised assets and non-fungible tokens (NFTs).
Copper’s multi-award-winning custody solution harnesses the security of MPC (Multi-Party Computation) technology. Their services and technology are tried and tested across 250 digital assets, more than 40 exchanges and in use by more than 300 institutional asset managers.
Through the collaboration, the two partners will create the opportunity for institutional players, fund managers, exchanges, trading avenues, and other market actors to get safe, secure, and compliant access to the enterprise-ready capabilities of the high throughput, low cost, carbon-negative Elrond Network blockchain technology, and EGLD, the digital currency underpinning it.
Beniamin Mincu, Elrond Network CEO, said: “Best in class digital asset custody services are essential for making the rapidly expanding Elrond ecosystem accessible to more institutional actors, markets, and geographies. With Copper as a robust custodian for assets on the Elrond Network, a new growth chapter is ready to begin for the internet-scale blockchain.”
Alex Ryvkin, Chief Product Officer, Copper.co, said: “By expanding our portfolio of integrated technologies to include the highly innovative and carbon-negative Elrond Network, we reaffirm our commitment towards our customers to enable safe, secure, and transparent access and control over the most innovative and sustainable digital assets.”
The new integration with Elrond Network will only further strengthen Copper.co’s Walled Garden which already covered 96% of the crypto market. Having established itself as a global custodian for digital assets in 2020 as it expanded to North America and Asia following $8million in Series A funding, Dmitry Tokarev, Founder and CEO of Copper.co, said, “Copper was always designed to be a global offering. Since 2017, we have seen many crypto custody solutions emerge that don’t fully meet the needs of institutions. Instead, they have built for an institutional framework that doesn’t exist yet, and is unlikely ever to, leaving institutions discouraged.
“Our Walled Garden and Prime Brokerage infrastructure truly looks after the security and trading needs of institutions, regardless of their investment strategies and goals. We are seeing volumes increase as our clients see the advantage of our prime brokerage solution, which allows them to make transactions across many trading venues securely and efficiently.
The funding round was a vote of confidence from investors. The investors’ support allowed Copper.co to accelerate its scale up, hiring teams in key regions and introduce new products and services to better meet consumer needs.