In an effort to enhance digital asset security, distributed stablecoin project Hope.money has announced a strategic partnership with Cobo, a leading provider of digital asset custody solutions. This announcement comes following Hope.money’s previous selection of Coinbase Custody as its first digital asset custodian, marking a new chapter in the project’s ongoing commitment to secure and efficient stablecoin operations.
Hope.money Eyes stETH Integration
In a significant development, Singapore-based digital asset custody solutions provider Cobo has entered into a strategic partnership with distributed stablecoin project Hope.money. This collaboration marks a crucial step in the decentralization of Hope.money’s reserve network, following its initial selection of Coinbase Custody as its digital asset custodian.
Cobo, established in 2017, has grown to become one of the world’s largest digital asset custodians. It is trusted by over 500 institutional clients across Asia, Europe, the Middle East, and the Americas, with billions of dollars in assets under its custody. Cobo offers a range of solutions, from custodial wallets to non-custodial options, including advanced multi-party computation (MPC) and smart contract-based custody. These services empower institutions to manage their digital assets securely and according to their preferences.
The partnership comes following Ethereum’s Shanghai Upgrade, which has triggered a wave of interest in Liquid Staking Derivatives (LSDs). This collaboration will allow Hope.money to explore the potential inclusion of stETH in its reserve pool alongside the existing Bitcoin (BTC) and Ethereum (ETH).
Hope.money users can now stake their ETH with Lido and receive stETH, which will be under the custody of Cobo Argus. This process enables users to earn native yields and avoid opportunity costs when minting $HOPE. While holding ETH alone does not generate this income, the partnership with Cobo could potentially benefit all parties within the ecosystem.
Hope Ecosystem Leads The Way In DeFi
The potential inclusion of stETH in Hope.money’s reserve pool signifies a significant advancement in the stablecoin sector. stETH, or staked Ethereum, represents Ethereum that has been staked in Ethereum 2.0’s deposit contract, allowing holders to earn rewards while still having liquidity.
By considering the addition of stETH to its reserve pool, Hope.money is not only diversifying its reserves but also enhancing the stability of its stablecoin, HOPE. This move could potentially increase the attractiveness of HOPE to investors and users, as it offers the dual benefits of stability and potential yield from Ethereum’s staking rewards.
The native stablecoin of the HOPE Ecosystem, $HOPE, is a decentralized stablecoin backed by native cryptocurrency reserves. The ultimate vision for $HOPE is to serve as a universally accessible financial instrument, promoting financial inclusion in a fully transparent and secure environment.
In the immediate future, $HOPE is poised to act as a universal collateral across decentralized finance (DeFi), traditional finance (TradFi), and centralized finance (CeFi) transactions due to its high liquidity, minimal borrowing costs, and low transaction fees.
Flex Yang, Founder of Hope.money, said, “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.”
The HOPE Ecosystem presents a diverse range of uses for $HOPE and $stHOPE, encompassing swaps, loans, and collateral services. To encourage user participation, the platform offers $LT as a reward. The ecosystem is built around four core protocols: HopeSwap, HopeLend, HopeConnect, and HopeEcho.
Hope.money’s recent partnerships and innovative approach to integrating stETH into its reserve pool highlight the project’s potential and may soon onboard millions of users to its platform.
