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Elrond’s Tokens is Now Custodied by Industry Standard Copper.co

Elrond Network announced that the technology it creates has been integrated by Copper.co. Copper.co is a leading provider of digital asset infrastructure and trading solutions, which will enable it to provide custody services for the EGLD digital currency, and the assets issued on the Elrond blockchain.

This fresh collaboration will generate opportunities 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 Elrond Network’s blockchain technology.

An Institutional gateway

The Copper platform provides a gateway into the crypto asset space for institutional investors by offering custody, prime brokerage, and settlements across 250 digital assets and more than 40 exchanges. Copper’s secure environment provides digital assets management for multiple exchanges, hot wallets, and colder storage vaults, all in one space. 

The company is committed to providing flexible solutions for institutional investors that can adapt to the changing crypto asset space, while enabling far greater transparency and control for asset managers. 

Copper has built a comprehensive and secure suite of tools and services required to safely acquire, trade, and store cryptocurrencies, including access to margin lending trading facilities and the Defi space.

Storage of digital assets is made secure using Copper’s MPC technology, which creates three separate key shards, rather than one private key, largely eliminating the risk of key exposure in online transactions. 

At the core of Copper’s infrastructure is ClearLoop, a framework that connects the universe of exchanges in one secure trading loop, with real-time settlement across the Networks. Integrated with market-leading spot and derivative crypto exchanges, ClearLoop has already transformed the way in which institutional investors can engage in the crypto asset space since launching in May 2020.

On their new partnership with Elrond Network, Alex Ryvkin, Chief Product Officer at Copper.co, commented:

"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." 

Internet-Scale Blockchain

The Elrond Network is a highly scalable, fast, and secure blockchain platform built to internet-scale, which is currently capable of processing 15,000 transactions per second and can scale to beyond 100,000 TPS. 

The company’s goal is to create a decentralized network that can provide the same, or better, performance than centralized networks, while also providing users greater privacy.

The Elrond Network claims to be carbon negative, achieving this by offsetting more CO2 than it accounts for, meaning that every transaction on Elrond has a positive impact on the environment. With 6-second latency and negligible cost, the Elrond Network is attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.

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, decentralized financial products, and the issuance of tokenized assets and non fungible tokens (NFTs).

Beniamin Mincu, Elrond Network’s CEO, was happy about this new partnership:

"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." 

On The Flipside

  • Institutional investors are not fully immersed in cryptocurrencies and are still testing the market’s waters, 
  • Elrond is an ambitious project, and users will have to wait to see how rapidly the company can continue developing and deploying solutions.
  • The results of the partnership between Elrond Network and Copper.co, and the change in the market value of the EGLD token will only be told with time.

Why You Should Care?

Copper technology provides an environment for institutional investors to enter the crypto market in a safe, regulation-aware way. The company’s partnership with a highly scalable blockchain platform, such as the Elrond Network, expands the possibilities of these further technological developments, and makes the Elrond ecosystem accessible to more institutional actors, markets, and geographies.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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