The HBAR Foundation and digital asset custody provider Copper have announced a collaboration aimed at broadening institutional access to the Hedera ecosystem.
As part of the partnership, Copper will offer crypto custody support for Hedera (HBAR) and enhance the blockchain networkβs decentralized finance capabilities via staking. This collaboration with Copper will also expand institutional access to HBAR and the Hedera Token Service.
Institutional Staking and Trading with Copper
Institutional investors can now stake their HBAR via validators of their choice, utilizing Copperβs wallet infrastructure for DeFi transactions. The partnership also introduces institutional access to HBAR trading through ClearLoop, Copperβs multi-exchange settlement solution.
Copper clients with funds in a decentralized finance vault will be able to interact with Hedera decentralized exchanges such as SaucerSwap Labs, accessing HBAR and HTS token utility. This functionality will be available through Ethereum-compatible Copper Connect.
βWith Copperβs integration, institutional investors can now enter the Hedera ecosystem with greater ease and confidence,β said Shayne Higdon, co-founder and chief executive officer of the HBAR Foundation.
Enhanced Security and Growth
Higdon added that Hedera will leverage Copperβs technology and security to bolster Hederaβs growth within the crypto space. Commenting on the integration, Copper CEO Dmitry Tokarev mentioned:
βThis is a valued partnership for us, and the full development stack integration is further testament to our shared commitment to providing robust custody solutions to institutional participants in the digital asset space.β
Strategic Developments in the Hedera Ecosystem
HBARβs collaboration with Copper adds to numerous key developments within the Hedera ecosystem aimed at enhancing the proof-of-stake blockchainβs institutional entry. This includes a partnership with FCA-regulated platform Archax for the tokenization of BlackRockβs money market fund on Hedera.
Archax is also the firm that launched tokenized access to abrdnβs money market funds on both Hedera and Ethereum in 2023.
Stay updated with the latest developments in the cryptocurrency world by exploring more news on Global Crypto News.