HONG KONG, August 08, 2023 – (SEAPRWire) – Distributed stablecoin project Hope.money today announced to partner up with Cobo, a globally trusted leader in digital asset custody solutions, on its custodian technology solutions. This partnership represents a significant milestone in the decentralization of Hope.money’s reserve network. Previously Hope.money had chosen Coinbase Custody as its initial digital asset custodian.
Founded in 2017 and headquartered in Singapore, Cobo is one of the largest digital asset custodians globally, trusted by over 500 institutional clients across Asia, Europe, the Middle East, and North and South America, with billions of dollars in assets under custody. From custodial wallets to non-custodial solutions including advanced multi-party computation (MPC) and smart contract-based custody, Cobo empowers institutions to secure and manage their digital assets their way.
Ethereum’s Shanghai Upgrade has sparked a surge of interest in Liquid Staking Derivatives (LSDs). The partnership enables Hope.money to experiment on the possibility to include stETH to its pool of reserve alongside the existing BTC and ETH. Hope.money users can stake ETH with Lido and receive stETH, under the custody of Cobo Argus, to earn native yields and avoid opportunity costs when minting $HOPE. While holding ETH alone does not generate this portion of income, the partnership with Cobo will potentially benefit all parties within the ecosystem.
Flex Yang, Founder of Hope.money, stated, “We are excited to announce our collaborative efforts with Cobo, which will provide our users with greater yield opportunities while enhancing the ecosystem’s capital efficiency and decentralization simultaneously. Together, we can achieve efficient and specific interaction with DeFi protocols through role-based access controls, creating a more secure DeFi environment for all users.”
Hope.money pioneers in bridging DeFi, CeFi, and TradFi with the HOPE Ecosystem, featuring the distributed stablecoin $HOPE, aims to provide frictionless and transparent next-gen financial infrastructure and services accessible to everyone. This all-in-one ecosystem provides a comprehensive set of use cases for $HOPE, including swap, lending, custody, clearing, and settlement, while incentivizing users to participate in the ecosystem and community governance through $LT.
Cobo is a globally trusted leader in digital asset custody solutions. As the world’s first omni-custody platform, Cobo offers the complete spectrum of solutions from custodial to non-custodial services including MPC and smart contract-based custody, as well as wallet-as-a-service, advanced DeFi investment tools and an off-exchange settlement network. Trusted by over 500 institutions with billions in assets under custody, Cobo inspires confidence in digital asset ownership by enabling safe and efficient management of digital assets and interactions with Web 3.0. Cobo is SOC2 Type 1 and Type 2-compliance-certified and licensed in 5 jurisdictions.
For more information, please visit www.cobo.com
Designed to be a crypto-native distributed stablecoin, $HOPE is currently backed by reserves of BTC, ETH and stETH at a set pegging ratio, the reserve price of $HOPE now fluctuates alongside BTC, ETH and stETH prices.
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