According to a press release, XinFin will use Copper’s custody solution to hold digital assets from its crypto hedge fund as well as the platform’s native token, XDCe.
Copper provides support for both hot and cold wallets, with the firm’s “walled garden” now seeing more than £500 million in transactions each month.
Ritesh Kakkad, co-founder of XinFin and TradeFinex, said: “In 2020, appropriate custody services are the most critical element for institutional adoption of digital assets.
“With Copper’s custodial services now available for XDCe, regulated institutions like banks, crypto hedge funds, and financial entities will have a secure solution to store their digitised XDCe holdings.
“Copper is also planning to provide support for XinFin’s primary chain coin XDC in the near future.”
Storage of digital assets has been a hot topic over the past year in light of numerous exchange hacks and the QuadrigaCX scandal, which saw cryptocurrency become unintentionally dormant due to the sudden passing of CEO Gerald Cotten.
Dmitry Tokarev, CEO of Copper, said: “Exchanges need more than an app with pretty charts. They need proper security, which includes technology, insurance, people, and business processes.”
He added: “The XinFin Network is one of the most enterprise-friendly blockchain networks ever created, and we’re proud they have chosen Copper for their institutional digital asset custody.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.