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Algorand integrates FinCEN-registered firm’s Copper crypto custody solution

Algorand integrates FinCEN-registered Copper's crypto custody solution

Cryptocurrency custodian Copper has announced that it is now providing support for ALGO, the native token of the Algorand blockchain, and the Algorand Standard Assets (ASAs) that provide a mechanism to represent assets on the digital ledger.

In a statement announcing its appointment as custodian for ALGO tokens and ASAs, the UK-based firm said that its custody solution can support ASAs that currently number 4.5 million.

Algorand is an enterprise-ready blockchain that can execute thousands of transactions per second. It is faster, more scalable, and more secure compared with first-generation blockchains.

The platform is being used in a range of industries and applications, including real estate and microfinance. With more than 700 organizations building on the platform, Copper said that support from Algorand partners can help new products and services launched on the blockchain to thrive.

“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,” said Algorand COO Sean Ford. “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.”

Full access to Copper’s suite of digital assets and management tools

Copper, which uses a cryptographic key sharding technology called multi-party computation (MPC) to secure storage of digital assets, also revealed that Algorand would have full access to its suite of digital assets and management tools.

These include the Copper Platform, which provides a single hub for managing crypto assets in exchanges, hot wallets, cold storage vaults, and the Copper Clearloop, enabling instant trading from Copper’s off-exchange custody.

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