Cryptocurrency custodian Copper wants to connect institutional investors to the DeFi industry with a new tool – a “bridge” between Copper services and DeFi applications.
According to the company, CopperConnect will allow interaction between existing Copper storage services and the DeFi industry protocols.
“In the past, many cryptocurrency funds considered the DeFi industry too unstable. However, in recent months, the number of DeFi projects that have not passed audits has decreased, and the fluctuations in the value of DeFi markets have become less significant, ” says Copper.
Stani Kulechov, CEO of the DeFi Aave protocol, said in a press release that he is seeing “a significant increase in the number of organizations willing to contribute liquidity to the Aave project.” At the same time, the names of specific organizations are not disclosed.
CopperConnect is an infrastructure system that provides security throughout the entire process of storing, transferring, and locking crypto assets on the way to a DeFi smart contract. A special extension of Google Chrome allows you to connect storage systems based on Copper multi-party computing to both centralized exchanges and DeFi applications.
As Copper states, when withdrawing from the DeFi pool, assets can only be returned to the wallet from which they were sent. It is not yet clear whether the service works with all DeFi applications. Kulekhov said that the system eliminates almost all operational risks.
Recall that recently, ETC Labs began working
with Chainsafe Systems to add support for DAI stablecoins used in many DeFi applications to the Ethereum Classic blockchain.