Copper.co, the UK-based crypto asset custodian, will support XSGD, the Singapore Dollar stablecoin that is currently the world’s largest non-USD stablecoin by market capitalisation, and XIDR, the Indonesian Rupiah stablecoin issued by StraitsX. StraitsX will leverage Copper’s institutional custody offering to manage its digital asset holdings. Each XSGD and XIDR is backed by one Singapore Dollar and one Indonesian Rupiah respectively. With XSGD and XIDR, holders can make near-instant, low-cost transfers of XSGD, 24/7, on the Ethereum blockchain.
Copper’s secure digital asset custody solution uses multi-party computation (MPC) technology whereby key shards are created separately and in isolation, largely eliminating the risk of key exposure in online transactions. Over 400 institutions use Copper as a custodian for their crypto assets, both for the security provided by Copper and for the wide range of supported tokens, which currently stands at over 450.