Copper, the London based cryptocurrency custodian, has announced that it will henceforth provide support for ALGO tokens and ASAs. ALGO, which is the native token for the Algorand blockchain as well as Algorand Standard Assets (ASAs) was created on June 19, 2019.
It has continued to gain popularity thanks to its ability to facilitate instant transactions within approximately 4.5 seconds and already has over 700 organizations building on its unique blockchain.
Like other crypto blockchain in the field, it offers an open, unlimited economy where everyone can participate. It’s also fast, has no need for middlemen and there are no transaction charges.
It has the advantage of being divisible into very small amounts such as 0.0001 ALGO, facilitating micro-payments. The creators also guarantee that it does not fork like other digital currencies, does not have a limited scale, and is secure and transparent.
The company recently benefited from a massive investment from Alan Howard worth $25 million. The investment was in support of a $50 million series B raise which Copper closed last month.
Algorand’s blockchain infrastructure, which is quite advanced, enjoys the patronage of over 700 institutions and would benefit greatly from the relationship with Copper, which would provide them with the capacity to launch new products and services.
Algorand’s COO Sean Ford stated that the company was excited over the partnership and that the new development would lead to the expansion of the Algorand ecosystem.