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Hedera Blockchain Gains Institutional Boost with New Custody and Staking Services

Hedera Blockchain Gains Institutional Boost with New Custody and Staking Services

Cryptodnes2024/08/14 10:15
By:Cryptodnes

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.

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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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