The UK based crypto custodian Copper silently started offering custody solutions for NFTs last week according to a company spokesperson. Users are permitted to deposit, store and pull their NFTs just like cryptocurrencies.
The process would be done with the help of Copper’s multi-party calculation (MPC) technology. In the beginning, the London based startup will only support ERC-721 and ERC-1155 tokens, said the spokesperson.
The chief product officer of Copper, Alex Ryvkin revealed that the company was motivated to take this step because of insistent institutional clients.
“As this market has rapidly grown, we have seen that an increasing number of our institutional clients are diversifying into NFTs as an asset class and want to house these holdings within their Copper vault,” Alex stated.
Following this Alex explained that users can now streamline the management of all their digital assets with the newest addition of NFT features. Users can also store their NFTs as safely as their other assets.
The NFT space is not as evolved as crypto markets, moreover, it is more retail-ruled than crypto markets but there are still some indications of institutional adoption.
The startup has raised more than $80 million in funding and has a long list of big names as its investors like the billionaire hedge fund manager, Alan Howard. Copper also hired former British chancellor Philip Hammond last year.
Subscribe to The Crypto Times for more NFT news and updates.
