Copper launches institutional NFT custody service

London-based crypto custody service Copper has rolled out a solution for storing non-fungible tokens (NFTs), The Block reports.

The product enables safe handling of collectible assets just like any cryptocurrency, thanks to multiparty computation technology, the startup said. At launch, the service supports ERC-721 and ERC-1155 tokens.

Copper’s chief product officer Alex Ryvkin said the move was driven by demand from institutional clients.

“As this market has grown rapidly, we have seen an increasing number of our institutional clients diversify into NFTs as an asset class and want to store tokens in Copper’s custody,” he said.

The London-based company also announced a partnership with one of the oldest banks in the United States, State Street. The institution uses Copper’s infrastructure to give clients access to digital assets through State Street Digital.

We’re excited to announce our collaboration with @StateStreet to launch their new digital asset service.

Full details: https://t.co/iRrAERNjGq pic.twitter.com/6byWYzQjNO

— Copper | We’re hiring (@CopperHQ) March 9, 2022

In June 2021, Brevan Howard Asset Management co-founder and billionaire Alan Howard invested in the startup $25 million. The financing continued the Series B round, during which the custodian raised $50 million.

In October, reports said Copper planned to raise in the next round $500 million at a $2.5 billion valuation.

Earlier that month, former UK Chancellor of the Exchequer Philip Hammond joined the startup as a senior adviser.