Copper, a crypto custodian company, has announced that it will be offering support to the Algorand blockchain including its token ALGO and another product known as Algorand Standard Assets (ASAs).
According to the announcement, in addition to being appointed as the custodian of Algorand, the crypto custodian also will provide support to the over 4.5 million ASAs on the Algorand blockchain.
Copper Now Provides Crypto Custodial Services for Algorand
Speaking about the new cooperation, Sean Ford, the COO of Algorand, said that would allow the blockchain to help new products and services thrive on the ecosystem.
“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, “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 is an enterprise-ready blockchain that can carry out thousands of transactions per second. Compared to first-generation blockchains, Algorand is faster, more scalable, and more secure.
A Popular Platform
Currently, there are hundreds of organizations building on its ecosystem including several other industry applications ranging from real estate to microfinance and other use cases.
Meanwhile, the Copper platform offers a single hub for managing crypto assets in exchanges, hot wallets, cold storage vaults, and the Copper Clearloop, which allows instant trading from its off-exchange custody.
Algorand Will Get Access to Copper’s Management Tools
In order to secure the storage of digital assets, Copper uses a cryptographic key sharding technology, called multi-party computation (MPC).
With this technology, three separate key shards are created instead of one private key, in such, it removes the risk of key exposure during online transactions.
Under the new agreement, Algorand will have access to Copper’s full suite of digital asset management tools.