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Crypto custodian Anchorage has launched support for KEEP in its latest bid to emerge as a leading custodian for DeFi tokens.
Cryptocurrency custodian Anchorage is continuing to expand its focus on decentralized finance (DeFi), announcing support for custody of Keep Networkâs token.
The KEEP token powers tBTC, a trustless and open-source protocol allowing the creation of Ethereum tokens that represent Bitcoin (BTC) which are used for accessing based DeFi protocols.Â
The protocol also facilitates the autonomous containerization of usersâ private data when engaging with public chains, bolstering the privacy enjoyed by DeFi users.
Anchorage expands support for DeFi assets
Speaking to Cointelegraph, Anchorage co-founder and president, Diogo Monica, emphasized the need for custodians to remain adaptive to emerging trends within crypto, stating that, âDeFiâs increasing complexity is beginning to expose the inadequacies of cold storage custody and manual human operationâ.
âThe Anchorage platform was created to adapt to any blockchain use case without exposing client assets to this kind of additional risk,â he added. Â
In April, Anchorage announced that it would support the Compound Governance Token (COMP) upon its launch.
Keepâs chief executive, Matt Luongo, expressed the firmâs pride in having partnered with the custodian, stating: âWith such first-class partners as Anchorage, we are able to create the bridge that brings the vast store of Bitcoin wealth into the DeFi ecosystem.â
âBTCâ tokens proliferate
Keep raised $7.7 million in an early April token sale to seed the launch of its trustless tBTC protocol later that month.
Keepâs launch comes as an increasing number of projects are vying to emerge as leaders in collateralized BTC token creation to power DeFi, with PieDAO launching its BTC++ pool and Renâs VM going live in the past month.
However, the growth of these assets has not come without controversy, with a vulnerability inherent to the token standard employed by Tokenlonâs imBTC resulting in hacks targeting Uniswap and DForce during April.
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