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Copper.co announces digital asset custody support for XSGD & XIDR

By Edlyn Cardoza

May 16, 2022

  • Asia
  • Copper.co
  • Crypto Assets
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Copper.co, Trading Solutions, Digital Asset Custody, XSGD, Stablecoin, XIDR, Ethereum, Crypto Assets, StraitsX, Decentralised Finance, London, AsiaCopper.co, a digital asset custody and trading solutions provider, announced it will be supporting XSGD, the Singapore dollar stable coin that is currently the world’s largest non-USD stablecoin by market capitalisation XIDR, the Indonesian Rupiah stablecoin issued by StraitsX. StraitsX will leverage Copper’s industry-leading institutional custody to manage its digital asset holdings.

Each XSGD and XIDR is backed by one Singapore Dollar and one Indonesian Rupiah respectively. With XSGD and XIDR, holders can make near-instant, low-cost transfers of XSGD 24/7 on the Ethereum blockchain.

Copper’s infrastructure is underpinned by multi-award-winning custody, and an Aon brokered crime insurance policy. Copper’s secure digital asset custody solution uses Multi-Party Computation technology whereby key shards are created separately and in isolation, mainly eliminating the risk of crucial exposure in online transactions. Over 400 institutions use Copper as a custodian for their crypto assets both for the paramount security provided by Copper and for the wide range of supported tokens, which currently stands at over 450.

Aymeric Salley, Head of StraitsX, said, “With XSGD becoming the world’s largest non-USD stablecoin and the launch of XIDR, we’re excited to expand the XSGD & XIDR ecosystem with Copper and leverage their secure custody solution to further enhance the StraitsX platform.”

Takatoshi Shibayama, Head of Business Development, Asia, Copper.co, added: “We’re delighted to announce our support for StraitsX as their institutional custodian for the world’s largest non-USD stablecoin, XSGD, and newly launched stablecoin XIDR. Their commitment to growing the decentralised finance ecosystem in Asia with progressive launches of these stablecoins to grow the adoption of digital assets, align with our vision of enabling safe and secure digital asset engagement globally.”

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