Copper’s DeFi Transactions to Utilize Solana Blockchain

Cryptocurrency custody firm Copper has announced its intention to employ the Solana (SOL) blockchain to provide decentralized finance (DeFi) service to institutional investors. According to a statement made by Copper, with this agreement in place, its customers can connect with decentralized applications (DApps) as well as perform transactions safely on the Solana blockchain.

Ultimately, the CopperConnect multi-party computation (MCP) advanced technology will be engaged to provide this secured blockchain for user transactions. The firm’s technology, CopperConnect, is a devoted DeFi software that Copper’s institutional clients use to either borrow, lend, stake, or trade tokens. It was launched in November two years ago.

Generally, Copper is recognized as a custodian which provides safe and secured infrastructure for crypto institutional clients through exposure to the DeFi ecosystem. 

As a way of providing more offerings to its customers, Copper recently launched pools for staking across four protocols of which Solana was one of them. The other protocols were Cardano (ADA), Injective Protocol (INJ), and Oasis Network (ROSE).

With the launch pools, customers were assured of more value for their investments as they could earn higher staking rewards utilizing their MCP wallets. This brought with it an extra layer of comfort and reliability to the DeFi ecosystem. Consequently, the CopperConnect can now be used on the Solana blockchain for more DeFi-oriented transactions.

Copper and the DeFi Advantage

In between, Decentralized finance is one of the fastest growing offshoots of blockchain technology that seems to be pushing out traditional financial systems. It is a permissionless infrastructure that enables entities to transact freely and directly with each other in a decentralized arrangement. In this case, no financial intermediaries are needed to mediate either part of the transaction. 

Lending, borrowing, trading, and now staking are conducted at a faster rate in the DeFi ecosystem. To manage the DeFi blockchain transactions and administration, an automated mechanism known as a decentralized application (DApp) is activated. 

Copper has been receiving the needed backing to advance new products. The crypto custodian recently closed a Series C funding round where it raised its valuation to $2 billion thereby attaining unicorn status. Barclay, a United Kingdom bank, was part of the team of investors who joined in the round.