Copper Expands Access to Hedera Blockchain

London-based cryptocurrency custodian Copper is expanding institutional access to the Hedera blockchain via a partnership announced on Tuesday. Copper will provide custody and staking services for Hedera’s HBAR token and will operate an on-ramp into the Hedera DeFi ecosystem.

Hedera is a public, decentralized network that employs a unique algorithm known as a “hashgraph,” focusing on asset tokenization. Earlier this year, blockchain firms Archax and Ownera issued a BlackRock Treasury fund on Hedera, although BlackRock was not directly involved.

“Institutional investors now have a streamlined and secure path into the Hedera ecosystem thanks to Copper’s integration,” said Shayne Higdon, co-founder and CEO of the HBAR Foundation, in an email to The Block.

Copper, chaired by former U.K. Chancellor Philip Hammond, serves over 300 large institutions and crypto trading platforms. The company offers a range of asset management services and was among the first to develop a crypto wallet utilizing multi-party computation (MPC) technology.

HBAR will be integrated into Copper’s ClearLoop settlement network, launched in 2020, which sources liquidity from exchanges and OTC desks such as Bybit, Deribit, Kraken, and OKX. Additionally, users can integrate the token into various DeFi protocols like Aave using Copper Connect, a Google Chrome risk management tool aimed at institutions.

Hedera raised $100 million in 2018 to develop its unique proof-of-stake network and has attracted blue-chip names like Google, FIS, Abrdn, and Dell to its governing council.