Copper will enable its customers with secure access to the ICRC token standards on the Internet Computer blockchain.
Institutional customers of Copper may now access tokens in the ICP ecosystem enabled by chain-key technology.
Industry’s one of the leading digital asset custodians, Copper, today announced that it has expanded on a prior initiative with the Swiss non-profit DFINITY Foundation, a major contributor to the Internet Computer (ICP), to allow institutional investors to securely hold and stake their ICP assets directly in the Copper Platform.
Copper will enable its customers with secure access to the Internet Computer Request for Comments (ICRC) token standards on the Internet Computer blockchain, a first for institutional custody providers. The Internet Computer working group created the ICRC token standard, and the SNS is a potent form of DAO that enables communities to manage dApps and smart contracts entirely on-chain on the Internet Computer.
Through this cooperation, ICP’s thriving DeFi and Web3 ecosystem—which comprises hundreds of dApps, including some of the most popular cryptocurrency apps like OpenChat, Dragginz, and ELENA AI—will now have institutional access and support.
Institutional customers of Copper may now access tokens in the ICP ecosystem enabled by cutting-edge chain-key technology, such as ckBTC, and many more will soon be made accessible for custody. ckBTC is a multi-chain Bitcoin twin that is created by chain-key cryptography and Internet computer smart contracts that hold Bitcoin directly. It is backed 1:1 by Bitcoin (BTC).
Chain-key tokens are made feasible by the Internet Computer’s Chain Fusion technology. Without depending on any trusted intermediary, Chain Fusion allows direct interoperability with all major blockchains, including Ethereum, Bitcoin, and other EVMs (and soon, Solana). Because ICP smart contracts are unique from those on other blockchains in that they can read from and write to several chains, developers are able to create smart contracts that span multiple chains. Many more chain-key twins of ERC20 tokens are anticipated over the course of the next month. ckETH and ckUSDC are now active on the Internet Computer.
Marcos Benitez, Head of Sales, Switzerland commented:
“We are excited to share the news of our enhanced support for the ICP institutional ecosystem. As a leading institutional custody provider, Copper is pleased to integrate the complete tech stack for ICP, encompassing custody, layer 2, and staking, which reinforces our position as the premier institutional-grade custodian to offer these services. With this development, we anticipate facilitating greater access to vital capital for the ecosystem, including funds, venture capitalists, and exchange listings. Our dedication to bolstering the Swiss and Global Web3 ecosystem remains resolute, and we anticipate continued progress and innovation in this dynamic space.”
Paul Meesuen, VP of Partnerships at the DFINITY Foundation commented:
“Copper supporting Internet Computer’s ICRC token standard is a major win for ecosystem participants. It provides an institutional custody and staking solution with access to both native ICP and the growing tokenized apps being built on it. This will increase accessibility and institutional adoption, benefiting all projects building tokenized business models on the Internet Computer Protocol.”
The partnership makes it possible for cryptocurrency exchanges like Bit2Me, Bybit, BitMEX, Bitget, Derebit, Bitfinex, and others to offer tokens to their customers, such as the second layer Bitcoin ckBTC),the OpenChat governance token (CHAT), or the Internet Computer’s first memecoin GHOST. This is made possible by the built-in support for SNS and ICRC tokens.
Growing institutional interest in the protocol is the catalyst for this integration. The 1Valour Internet Computer Physical Staking ETP, which tracks the price of ICP, is the first exchange-traded product (ETP) based on ICP that was recently introduced by Valour Inc. A larger group of investors may now access the ICP ecosystem via a transparent and secure investment vehicle thanks to Copper’s role as the custody provider for the Valour ETP as part of the integration. The ability of Internet computers to reduce platform risks that may result in higher server costs or codebase reworking is partly responsible for the ICP’s consistent growth and development, particularly in the corporate space.
By working together, Copper and ICP want to provide institutions with data-driven, dependable, and secure solutions to help them navigate the quickly changing world of decentralized finance. With its reputation for providing institutional-grade custody, prime services, and collateral management solutions, Copper has made a name for itself as a pioneer in the digital asset custody market. Through this alliance, industry leaders who are dedicated to promoting innovation and expanding the digital asset ecosystem have come together.
