Parallel Chooses Anchorage Digital For Keeping NFTs Safe For Its Players - Exclusive

Parallel, a leading sci-fi web3 gaming franchise and provider of NFT-powered trading card games, announced its partnership with Anchorage Digital, an institutional provider of custodial solutions of digital assets — a move aimed at giving "greater peace" to users worried about the security of their assets.

The world of Non-Fungible Token continues to grow and with that comes malicious actors, scammers and hackers who have only one goal — to steal funds and digital assets. With its intent to protect NFTs from cyber criminals, Parallel chose Anchorage Digital because of its financial soundness and reputation.

In an exclusive interview with the International Business Times, Parallel CEO Sascha Mojtahedi shared details about the partnership and what it means for Parallel's users.

"Custodians hold valuable assets for safekeeping, such as tangible objects like gold or stock certificates, or intangible assets like crypto. In its role as exclusive custodian for Parallel, Anchorage will hold the 'keys' to certain Parallel assets, using complex hardware and software solutions to make sure the digital assets are secure, giving Parallel fans greater peace of mind," the CEO said.

"At a time of market volatility and high-profile hacks, brands like ours need to take a long-term approach to protecting assets and users," the CEO added. "The Parallel and Anchorage partnership will ensure that gamers in the Parallel ecosystem can feel that the future of the franchise is being safeguarded with the same level of security that is trusted by some of the country’s largest financial institutions." With this security, gamers can "focus on what matters most: immersing themselves in the Parallel universe and having fun," he noted.

For Parallel, Anchorage Digital matches its vision: "Anchorage serves some of the biggest players in the world. And their vision to be able to merge two sides of finance together very much fits with our vision of merging traditional gaming and digital assets."

To most NFT collectors and traders, custodial service is just a blockchain or web3 catchphrase, but its purpose is more than crucial in ensuring that assets are secured. Anchorage Digital co-founder and president Diogo Mónica explained the role of custodial solutions in the digital space.

"A diehard gamer would never come to a meetup without a decent card protector, so why would an NFT gamer take a similar risk with their digital collectibles," he asked. "NFT custody is all about keeping NFTs safe and secure from hacks, and Anchorage is the only operational, federally chartered bank to offer NFT custody to institutions like Parallel, Visa and others. With million+ dollar NFT hacks in the news, it’s clear the value assigned to prove ownership of an NFT is in need of third-party security to match," he told IBT.

As for its partnership with Parallel, the CEO shared his excitement, noting ,"We’re excited to work with exciting franchises like Parallel, who are taking the Web3 gaming space to new heights and finding novel ways to use NFTs. Novel innovations like NFT-based games need long-term partners to protect their assets, brand, and signal trust to their community of supporters and participants."