UK crypto custodian Copper has been selected to securely hold the assets of Algorand ALGO and ASA. Copper uses cryptographic key sharding technology.
The company will support the secure storage of the Algorand ALGO cryptoasset, as well as Algorand Standard Assets (ASA) – proof of stake (PoS) tokenized representations of other types of assets on the blockchain. Coinbase Custody and BitGo also support the storage of Algorand cryptoassets. In addition, the Algorand team is exploring the capabilities of the ClearLoop instant asset exchange and settlement system.
“Copper adds a level of speed that is not available to us outside of their network, which is what makes Algorand extremely fast, secure and efficient,” David Markley, director of business solutions for Algorand, said in an interview.
MIT professor and Turing award winner Silvio Micali presented the Algorand project in 2017. In February 2018, the project team received $ 4 million for development. Now the Algorand infrastructure includes about 700 organizations using the blockchain, and the project funding has grown significantly.
In addition to storing ALGO, which may include coins locked for staking at Algorand, Copper will securely store ASA 4.5 million. Among other things, Algorand ASA includes well-known stablecoins such as USDC and USDT.
“We tokenized real estate on the blockchain through several firms that tokenized either equity or individual houses and represented them on the Algorand blockchain,” Marklee said. “We have also entered into partnerships with large companies such as Securitize and Tokensoft, as well as other issuers of token shares.”
Copper Marketing Director Tyler Kenyon commented on the collaboration:
“Partnering with Algorand seemed like a natural choice. Including the ASA standard in our storage application means that when these projects are ready, we can implement an extremely smooth onboarding process for them. ”
At the beginning of the month, it became known that the developer of the non-custodial cryptocurrency wallet Exodus was tokenizing the company’s shares for $ 60 million on the Algorand blockchain.
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