Crypto Custodian Copper to Connect to Solana for DeFi Access

Solana co-founder Anatoly Yakovenko said the link will create new ways for institutional investors to access decentralized finance and digital assets.

AccessTimeIconAug 18, 2022 at 4:19 p.m. UTC
Updated Aug 19, 2022 at 9:47 a.m. UTC

Will Canny is CoinDesk's finance reporter.

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.

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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Will Canny is CoinDesk's finance reporter.

CoinDesk - Unknown

Will Canny is CoinDesk's finance reporter.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC