HOPE Ecosystem, a decentralized platform with the HOPE token as its local digital asset, has chosen Coinbase Custody (the top custody provider) as a custodian for its digital assets. The platform published a blog post on Medium and stated that this move would be a landmark for it. It added that by offering the custody services to HOPE, Coinbase permits the platform’s consumers to store the assets in their possession in non-commingled and segregated accounts.
HOPE Appoints Coinbase Custody to Become Its Initial Digital Asset Custodian
The company added that this development also enables the HOPE clients to have a regulated, independent, secure, as well as trusted custodian. As per HOPE Ecosystem, the solutions provided by Coinbase are crucial to the innovative approach taken by the platform for decentralized finance (DeFi). In its words, the platform does this by filling the gap between conventional finance as well as centralized finance. It asserted that the move provides a smooth DeFi experience to crypto consumers.
The decentralized application (dApp) forums of HOPE play the role of a gateway for the HOPE Ecosystem. They permit investors operating around the globe to access the HOPE token (the distributed stablecoin provided by the platform). They can also state the HOPE token to redeem stHOPE. Apart from that, the customers are also permitted to receive LT rewards via holding the stHOPE tokens or by staking the HOPE tokens.
They can also do this by offering liquidity to the pools of HopeSwap as well as staking LPs to get rewards related to liquidity farming. The customers can also vote-lock LT over a certain period and obtain veLT (the token that resembles voting rights and reward increases in line with the DAO-based governance. Flex Yang, the founder of the HOPE Ecosystem, also commented on this move.
HOPE Founder Says The Move Will Offer Additional Opportunities for DeFi Participation
The founder stated that the chief purpose of establishing the HOPE platform is to take decentralized finance to another level by providing more convenience to consumers. As per the founder, with HOPE Ecosystem, the consumers are offered the opportunities to easily take part in the DeFi world. According to Yang, this collaboration plays the role of the initial move taken by the platform to develop a distributed reserve platform that decreases the likelihood of a one-point failure.
