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Leading cryptocurrency derivatives and copy trading platform Bitget has announced a partnership with leading Crypto asset custody provider Copper to implement an OTC settlement solution. This enables institutional clients to transact and trade on exchanges in near real-time, reducing counterparty risk and improving capital efficiency.
Bitget is the sixth major exchange to join Copper’s ClearLoop network this year. The integration with ClearLoop allows institutional clients of both firms to hold their assets on Copper’s infrastructure while entrusting their assets to be traded on Bitget. Client assets are deposited on Copper’s platform and then linked to Bitget accounts. The balance is immediately reflected in the Bitget account, allowing active trading of 450 coins and 580 trading pairs. Balance differences between the two accounts are automatically settled through the API.
Copper has set up a unique account structure for ClearLoop specifically for the risk of insolvency, based on an English trust. Copper acts as a security trustee and holds assets on behalf of beneficiaries. Both the client and the exchange grant each other a security right in their assets in the trust. The exchange uses collateral to facilitate settlement according to a predetermined schedule. Copper’s financial risk team monitors this collateral 24/7, giving customers and exchanges confidence that settlement obligations will be met. In the event of Copper’s bankruptcy, the crypto assets held in custody will not become part of Copper’s bankruptcy estate.
Bitget has been working on perfecting its products and services to create a powerful and versatile trading platform for different user groups, with a view to promoting the adoption of encryption and discovering smarter ways to trade. Additionally, the exchange has taken steps to build confidence in the volatile cryptocurrency market, including launching a protection fund for its 300 million users and updating their Proofs of Reserve (PoR) on a monthly basis.
Bitget General Manager Gracy Chen had this to say about the new partnership:
“Institutional cryptocurrency investors are always looking for secure ways to store their assets and optimize their transactions. The partnership between Bitget and Copper underscores our commitment to building trust among institutional cryptocurrency users. ClearLoop and its innovative Trust Documentation addresses these needs and helps the ecosystem mature. We are excited to continue working with the Copper team as we expand our institutional offerings.”
“With the ability to trade exchanges directly from Copper, we have taken a major step forward in institutionalizing the Crypto asset market. We are excited to partner with Bitget and bring OTC settlement to their institutional clients as we work together to Protect assets and set higher standards for the cryptocurrency industry,” added Copper CEO Dmitry Tokarev.
About Bitget
Founded in 2018, Bitget is the world’s leading Crypto currency exchange, featuring documentary trading and futures services. The exchange serves more than 8 million users in more than 100 countries and regions, and is committed to helping users trade more intelligently by providing safe and comprehensive trading solutions. In addition, Bitget promotes the adoption of cryptocurrency technology by working with trusted partners such as Argentine legendary football player Lionel Messi, Italy’s top football team Juventus, and official esports tournament organizer PGL. According to Coingecko, Bitget is currently a top 5 futures trading platform and a top 10 spot trading platform.
About Copper.co
Since its inception in 2018, Copper has been setting the standard for institutional Crypto assets by providing Crypto asset custody and collateral management. Using multiple award-winning technologies, Copper has developed comprehensive and secure products and services needed to safely store and trade cryptocurrencies and other Crypto assets such as tokens and stablecoins. At the heart of Copper’s infrastructure is ClearLoop, which enables clients to trade and settle across multiple exchanges in near real-time while reducing counterparty risk and improving capital efficiency. Copper is SOC2 Type 2 certified and licensed in Switzerland.
This article is an opinion piece, not financial advice, and is not the responsibility of Crypto Insiders. Investing involves risk. Always consult an advisor when making financial decisions. To enable free news, some communications contain affiliate hyperlinks. As a reader, this costs you nothing.
Source of information: Compiled from CRYPTO-INSIDERS by 0x Information.The copyright belongs to the author Redactie, and shall not be reproduced without permission