According to The Block, British crypto custody service Copper has implemented a solution to store non-changeable tokens (NFT).

The product allows you to securely operate collectible assets in the same way as any cryptocurrency, thanks to the multilateral computing technology that is representative of the aforementioned initiative. In the first phase, the service supports ERC-721 and ERC-1155 tokens.

According to Alex Ryvkin, Copper’s product manager, the move was driven by corporate demand.

“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 place tokens in their copper vaults,” he said.

The London-based company also announced that it has partnered with State Street, one of the oldest banks in the United States. The institution uses the Copper infrastructure to provide its clients with access to digital assets through its State Street Digital division.

In June 2021, billionaire Alan Howard, co-founder of hedge fund Brevan Howard Asset Management, invested $25 million in the startup. The funding was a continuation of the custodian’s Series B round, which raised $50 million.

In October, the media reported on Copper’s plans to raise $500 million in the next round, at a valuation of $2.5 billion.

Recall that the same month, former British Finance Minister Philip Hammond joined the initiative as a senior adviser.