Algorand Integrated into the Copper Crypto Custody Solution, a FinCEN-registered Firm

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Algorand Integrated into the Copper Crypto Custody Solution, a FinCEN-registered Firm
Algorand Integrated into the Copper Crypto Custody Solution, a FinCEN-registered Firm

 Cryptocurrency custodian Copper announced that it is now supporting the Algorand blockchain’s native token ALGO and Algorand Standard Assets (ASA) tokens, which provide a mechanism for displaying assets on a digital ledger.

Copper Supports 4.5 million ASAs and ALGO

In a report announcing its appointment as ALGO token and ASA custodian, the British company announced that its custody solution can support the current 4.5 million ASAs.

Algorand is an enterprise-level blockchain that can execute thousands of transactions per second. Compared to the first generation blockchain, it is faster, more scalable and more secure.

The platform is used in a number of industries and applications, including real estate and microfinance. Copper said more than 700 organizations building on the platform, and Algorand partners’ support can help new products and services introduced on the blockchain 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.”

Algorand has full access to Copper’s digital asset and management tool 

Copper uses a crypto key sharding technology called Multi-Party Computing (MPC) to protect digital asset storage and also announced that Algorand has full access to its suite of digital assets and management tools.

These include Copper Platform, which provides a central hub for managing crypto assets in exchanges, hot wallets, cold storage, and Copper Clearloop, and supports instant transactions from Copper’s over-the-counter custody.