Bitget is the sixth exchange to integrate with Copper and join the Clear Loop network.
With this measure, the exchange wants to strengthen confidence in the market for digital assets.
Bitget, one of the main platforms for Copy Trading and Crypto Derivatives Trading, has announced it is collaborating with Copper, the leading digital asset custody provider, to offer an over-the-counter settlement solution. This enables institutional clients to trade and settle in near real-time between exchanges while reducing counterparty risk and increasing capital efficiency.
Bitget will be this year sixth major exchange to integrate with Copper and join the Clear Loop network. The ClearLoop integration allows institutional users of both companies to hold assets within Copper’s infrastructure while also delegating those assets to trade on Bitget.
Client funds are deposited on the Copper platform and then linked to a Bitget account. The Bitget account reflects this balance instantly and allows you to actively trade 450 currencies and 580 trading pairs. Balance differences between both accounts are automatically settled via the API.
“Enabling clients to trade directly on exchanges via Copper’s custody platform is an important step in the institutionalization of digital asset markets. We are pleased to partner with Bitget and bring OTC settlement to its institutional clients. Additionally, we are increasing our collective commitment to asset security and setting higher standards for the cryptocurrency industry.”
Dmitry Tokarev, CEO of Copper.
A smart Bitget solution for its institutional clients
To address the risk of insolvency of ClearLoop participants, Copper has created a new account structure specifically for ClearLoop, establishing a trust under English law. Copper will be appointed as security trustee and will hold the assets on behalf of the beneficiaries.
Clients and exchanges provide collateral for their assets within the trust in favor of the rest. Within the trust, the exchange offers collateral to facilitate settlement based on the predetermined settlement plan.
Copper’s financial risk team monitors collateral 24/7, ensuring both clients and exchanges are meeting their payment obligations. Should Copper default, the crypto assets in the trust would not be part of Copper’s bankruptcy estate.
Bitget promotes the adoption of cryptocurrencies in institutions
Bitget has continuously evolved its products and services to create a robust and versatile trading platform for different user groups. The goal? Encourage people to embrace cryptocurrencies and find smarter ways to trade.
In addition, the exchange has taken steps strengthen trust volatile cryptocurrency market. It includes a $300 million user protection fund and monthly updates to its Proof-of-Reserves (PoR).
“Institutional crypto investors are looking for ways to protect their assets and streamline trading. Bitget’s partnership with Copper is an example of our ongoing efforts to build trust among institutional cryptocurrency users. ClearLoop and its innovative escrow documentation meet these needs, helping the ecosystem mature. We look forward to continuing to work with the Copper team as we expand our institutional offering.”
Gracy Chen, CEO of Bitget.
Bitget Exchange serves more than 8 million users in more than 100 countries and regions. It offers a comprehensive and secure trading solution that reflects its commitment to helping users trade smarter.
By working with trusted partners, it also inspires people to explore the world of cryptocurrencies. These include legendary Argentinian soccer player Lionel Messi, Italy’s leading soccer team Juventus and the official organizer of eSports events, PGL. According to Coingecko Bitget is currently among the top 5 futures trading platforms and one of the top 10 spot trading platforms.
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