According to Casa’s CTO, there is a growing trend among Ethereum users wanting self custody
Jameson Lopp, a security expert, has claimed that some users have lost Ethereum tokens because they weren’t able to properly store them.
Lopp told Cointelegraph at Bitcoin 2023 that the demand for Casa’s services from Ethereum users has made it imperative for the company to provide support for Ethereum.
The necessity for a safe place to keep Ethereum and Ethereum tokens like stablecoins has been brought to light by events like the FTX crash in 2022. According to Lopp stated:
“I’ve had conversations with Casa customers who lost money in the crashes last year. Those that kept their Bitcoin in Casa performed well, while others lost other assets, including stablecoins, since they had access to a suitable distributed cold storage solution.”
Casa said in December that it will be integrating Ethereum as a solution to this issue. As Lopp put it, this choice was “controversial for some,” citing the backlash he received from Bitcoin advocates online.
Users still see self-custody as having a steep “learning curve.” Clients may find self-custody challenging despite the fact that creating a wallet and transmitting cryptocurrency to it is straightforward.
In his own words, Lopp referred to Casa as an “extreme-security cold-storage setup with distributed keys.” It started off appealing to “mega-whales” ready to pay $10,000 per year for custody but has now expanded to include a free version with fewer bells and whistles.