Hedera Blockchain Gains Institutional Boost with New Custody and Staking Services
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Copper, a cryptocurrency custodian based in London, is enhancing institutional access to the Hedera blockchain through a new partnership.
This collaboration will see Copper managing custody and staking for Hedera’s HBAR token and creating a gateway into Hedera’s decentralized finance (DeFi) ecosystem.
Hedera, known for its unique hashgraph algorithm, is gaining traction in asset tokenization. This year, blockchain firms Archax and Ownera launched a BlackRock Treasury fund on Hedera, although BlackRock itself was not involved directly.
According to Shayne Higdon, CEO of the HBAR Foundation, this partnership offers institutional investors a streamlined and secure way to enter the Hedera network.
Copper, chaired by former U.K. Chancellor Philip Hammond, supports over 300 major institutions and trading platforms. The firm is recognized for its advanced asset management solutions, including a crypto wallet built with multi-party computation (MPC) technology.
HBAR will now be integrated into Copper’s ClearLoop network, which connects with major exchanges and OTC desks. Additionally, Copper Connect, a Google Chrome extension, will enable institutions to use HBAR with various DeFi applications like Aave.
Hedera, which raised $100 million in 2018, has attracted high-profile companies such as Google and Dell to its governing council.
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