Crypto.com announced that Plasma, a Layer 1 blockchain optimized for stablecoins, has selected Crypto.com Custody to provide secure custody and liquidity services for its digital assets.
This partnership aims to deliver “institutional-grade security, compliance, and seamless asset management across Plasma’s global network.”
Crypto.com Custody offers custody services to “eligible institutions and high-net-worth clients through a comprehensive, end-to-end solution with safety and security at its core.”
Through this integration, institutions can securely custody XPL, the native token of the Plasma blockchain, which is “used to facilitate and be used in transactions and to reward validators.”
Institutions will be able to automatically “deposit tokens into regulated cold vaults with enhanced security, transparent audit trails, and streamlined compliance processes.”
They also gain access to Crypto.com’s liquidity pool “for fast, reliable, and cost-efficient conversions.”
Eric Anziani, President and Chief Operating Officer of Crypto.com:
“Digital asset organizations require a custodial solution that delivers both unmatched security and seamless liquidity. We are excited to support Plasma Foundation by ensuring their stablecoin rails are safeguarded with institutional-grade custody and ready for global scale.”
Paul Faecks, Plasma’s CEO and co-founder said:
“Plasma is building stablecoin infrastructure for a new global financial system, and we’re proud to work with Crypto.com on institutional-grade custody solutions that allow us to bring everyone, everywhere onchain.”
Founded in 2016, Crypto.com is trusted by “users worldwide and is the industry leader in regulatory compliance, security and privacy.”
Their claim that their vision is: Cryptocurrency in Every Wallet.
Crypto.com is committed to accelerating “the adoption of cryptocurrency through empowering the next generation of builders, creators, and entrepreneurs to develop a fairer and more equitable digital ecosystem.”
As noted in the update, Plasma is a layer 1 blockchain “designed for global stablecoin payments.”
With gasless USD₮ transactions, custom gas tokens, and high throughput, Plasma is “building stablecoin infrastructure for a new global financial system.”
With stablecoin liquidity and distribution, Plasma will aim to enable developers and institutions to build improved payment and financial applications.