Custodian Copper Releases Institutional NFT Custody Service

British cryptocurrency custodial service Copper has implemented a solution for storing non-fungible tokens (NFT).

The product allows users to safely operate collectible assets in the same way as with any cryptocurrency, thanks to the technology of multilateral computing, the representative of the startup have specified. At the initial stage, the service supports ERC-721 and ERC-1155 tokens.

According to Alex Ryvkin, Copper Product Director, the move has been driven by institutional demand.

In June last year, billionaire hedge fund co-founder Brevan Howard Asset Management invested $25 million in the startup.

In October, the media reported Copper plans to raise $500 million in the next round at a valuation of $2.5 billion.