21Shares, an issuer of cryptocurrency exchange-traded products (ETPs), today announced Copper will provide crypto-asset custody and staking services to secure the underlying assets of its cryptocurrency ETPs amidst increasing interest from institutional investors.
Copper’s custody, which uses Multi-Party Computation (MPC) technology, creates three separate key shards rather than one private key to largely eliminate the risk of exposure when signing transactions. 21Shares will also use Copper’s staking capabilities to manage its digital asset holdings.
ETP products are a way to gain exposure to cryptocurrency without the complexity of direct investment. 21Shares’ ETPs serve this purpose, while the custody solution Copper provides diminishes the security risks that institutional investors need to avoid with the crypto-asset class.
“We are delighted to be supporting 21Shares. They are leading the way in the development of cryptocurrency ETPs, which make up an important part of institutional engagement in this maturing asset class. It is a pleasure to be working with them and we look forward to further collaborating as they grow.”
– Alex Ryvkin, Chief Product Officer of Copper
As of September 1st, 2021, 21Shares manages more than $1.8B in 17 cryptocurrency ETPs and 77 listings, including ETPs tracking Binance, various crypto indices, and two ETPs with staking rewards (Tezos and Solana). Its products are listed on eight regulated European and Swiss trading exchanges.