Copper Appointed as Official Custodian for Flare Networks and Spark Token Distribution
- 10.12.2020 02:41 pm
Copper.co, the London-based digital asset infrastructure provider, today announced it will serve as an official custodian for Flare Networks.
Flare is building the world’s first Turing-complete Federated Byzantine Agreement-based smart contract network. Its native asset, the Spark (FLR) token, will be distributed to XRP holders over a 36-month period, based upon a snapshot taken at 12:00am UTC on Saturday 12 December 2020.
As custodian, Copper will be responsible for securely holding Spark (FLR) tokens on behalf of the Flare Networks and the Flare Foundation.
At the instantiation of the network – which is scheduled for launch between Q1 and Q2 2021 – 100 billion Spark tokens will be created. 45 billion of these 100 billion tokens will be claimable by existing XRP holders, excluding Ripple Labs.
The amount of Spark to which an XRP holder is entitled will depend upon the 12/12/20 snapshot. The amount of Spark receivable will directly correlate with the amount of XRP held as at the snapshot, based on a formula devised by Flare Networks.
Copper’s role as a custodian will support Flare’s vision for the emergence of alternative Proof of Stake, or staking, mechanisms – which, in their current form, can scale up transaction throughput but cannot scale for value.
Flare will benefit from Copper’s vast experience providing institutional-grade multi-party computation (MPC) cold storage and the business processes required by asset managers to safely acquire and store more than 150 digital assets.
This partnership follows Copper’s November launch of the first decentralised finance (DeFi) tool for institutional investors, Copper Connect.
Dmitry Tokarev, CEO of Copper.co, said: “We are proud to be supporting the launch of the pioneering Flare Networks, by providing highly secure custody of its native Spark token. The Flare Networks team share Copper’s innovative spirit for developing solutions which will pave the way for cryptoassets to enter the mainstream.
“Underpinned by our industry-leading security, we recently launched a DeFi tool for institutions, called CopperConnect. Providing custody to the Spark token, which aims to scale up transaction value as well as volume through the power of smart contracts, is a perfect example of how Copper’s infrastructure can be used to facilitate the adoption of cryptocurrency at an institutional level. It also demonstrates our ability to quickly adapt and support the latest tokens on the market.”
Hugo Philion, CEO of Flare Networkss, said: “Copper’s proven ability to assure the safety of all the tokens it looks after, coupled with their track record for launching their own innovative tech, made choosing Copper as an official custodian an easy choice. We are confident that when Flare goes live, Copper will keep the Spark (FLR) token in their custodianship secure. We look forward to working with the team and harnessing their expertise in MPC cold storage, DeFi and staking mechanisms.”