Copper launches DeFi tool CopperConnect for crypto institutions

By Megha Bhattacharya

London-based digital asset infrastructure provider Copper.co has announced the launch of CopperConnect, a decentralised finance (DeFi) tool for crypto institutions. The new tool aims to provide institutional investors, like crypto funds, with a secure way to connect digital assets stored in Copper’s multi-party computation (MPC) wallets with decentralised applications (dApps), allowing investors to lock their assets into DeFi ‘smart contracts’.CopperConnect works via a simple, highly secure Google Chrome application.

Katrina Daminova, Head of Product, Copper.co, said, “…Up until today, there was only one real remaining barrier to entry for firms – being able to transfer their assets into dApps securely and efficiently. I am very excited to say that we have overcome this barrier with CopperConnect. We have taken our industry-leading security, which forms the foundation of Copper’s platform, and applied it smart contracts, allowing our clients to participate in this exciting new space.”

Recently, Copper announced the completion of its integration with Signature Bank’s blockchain-based digital payments platform, Signet. The alliance is expected to enable Copper customers to pay and settle transactions instantly in US dollars and other currencies through the Copper platform. The development aims to reduce the time taken along with other issues faced by asset managers while transferring traditional currencies.

Stani Kulechov, CEO at Aave, the decentralized non-custodial money market protocol, said, “CopperConnect eliminates almost all operational risk considerations for institutions, and will allow for a significant increase in the liquidity deposited on our platform. We believe that this injection will help to usher in the next phase for DeFi, enabling a period of growth and increasing credibility across the sector.”