Crypto Custodian Copper to Connect to Solana for DeFi Access

Cryptocurrency custodian Copper said it will support decentralized finance (DeFi) connectivity with the Solana blockchain.

The link will allow Copper’s customers to connect with decentralized applications (dapps) and enables them to transact securely using the firm’s CopperConnect multi-party computation (MPC) technology, Copper said in a statement Thursday.

Decentralized finance (DeFi) is an umbrella term used for lending, trading and other financial activities carried out on a blockchain, without the use of traditional intermediaries. A dapp is an application that utilizes blockchain technology to keep users’ data out of the hands of the organizations behind it.

CopperConnect, which was introduced in November 2020, is a dedicated DeFi tool for Copper’s institutional clients to lend, borrow, stake and swap tokens. Access to Solana’s DeFi ecosystem is now live via CopperConnect, the company said.

“The launch of Copper’s digital asset custody provision will create a new avenue for users and institutional investors to access DeFi and digital assets,” Solana co-founder Anatoly Yakovenko said.

The custody firm recently closed a Series C funding round at a valuation of around $2 billion, people with direct knowledge of the situation have told Coindesk.

Read more: Crypto Custodian Copper Soon to Close Delayed Funding Round: Sources

UPDATE (Aug. 18, 17:56 UTC): Corrects the spelling of Anatoly Yakovenko's last name.

UPDATE (Aug. 19, 9:47 UTC): Company corrects spelling of Anatoly Yakovenko's first name.