July 21, 2022 – holoride, a German in-car entertainment tech startup that is aiming to combine navigational and car data with virtual reality (VR) experiences, has this week announced a custody partnership with Copper.co, a digital assets custody and settlement provider. Copper provides custody, trading, and portfolio management solutions to institutional investors across over 40 exchanges and 450 crypto-assets.
After holoride’s completion of the company’s Q2 roadmap, including the listing of its ‘RIDE’ token on two further decentralized finance (DeFi) exchanges, the partnership with Copper is the next step in making the use case of RIDE even more appealing for institutional partners, according to the company.
RIDE is holoride’s utility token, which the company hopes will help to supercharge its in-car experience ecosystem to make for a more immediate and efficient value creation-distribution loop.
Through the newly announced collaboration, Copper and holoride will create the opportunity for institutional players, such as VC funds, car manufacturers, content creators or media companies to both safeguard and manage their RIDE assets in a secure and compliant way.
“holoride is leading the way in bringing digital innovation to the automotive industry and we are firm believers in the firm’s ability to transform the passenger economy through the power of VR, blockchain and crypto technology. In our view, the RIDE token is creating a powerful moat for the holoride ecosystem, and Copper is enormously proud to be supporting it,” commented Marcos Benitez, Business Development Director at Copper.
Copper has expertise in something called multi-party computation (MPC) technology, which is a cryptographic tool that enables two or more independent parties to collectively compute a function (such as signing transactions) in order to provide maximum security. Instead of creating a master private key and storing it on a single device with a high risk of being hacked, MPC distributes multiple shards of a key among devices of participating parties.
Nils Wollny, CEO and co-founder of holoride, added: “We are excited about our partnership with Copper and their state-of-the-art approach as a digital asset custodian and being the #1 platform for institutional asset management. We feel encouraged in our endeavor to change in-car experiences with such a strong partner and expert in the digital assets space.”
As digital assets are growing in importance for individuals and businesses alike, Copper’s crypto infrastructure allows for institutions to store digital assets with the highest security and compliance standards, according to the company. The partnership between holoride and Copper thus marks an important milestone in driving mass-adoption of RIDE through leading automotive and media brands.
For more information on holoride automotive XR solutions, please visit the company’s website.
Image credit: holoride / Copper.co
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Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.