Sunday, June 16, 2024

Bitget partners with Copper to offer institutional clients off-exchange settlement

Bitget, top crypto exchange and copy trading platform, announced that it would partner with Copper, the leading digital asset custody provider, to introduce an off-exchange settlement solution. It enables institutional clients to trade and settle in near real-time across exchanges while mitigating counterparty risk and increasing capital efficiency.

Bitget will become the sixth major exchange this year to integrate with Copper and join the Clear Loop network. The ClearLoop integration enables the institutional users of both companies to keep assets within Copper’s infrastructure while simultaneously delegating those assets to trade on Bitget. Clients’ assets are deposited on the Copper platform and then linked to a Bitget account. The Bitget account instantly mirrors this balance and allows active trading across 450 coins and 580 trading pairs. Differences in the balance between the two accounts are settled automatically via API.

To address the insolvency risk of any ClearLoop participant, Copper has established a new account structure dedicated to ClearLoop over which an English law trust is created. Copper is appointed as a security trustee and holds the assets on behalf of the beneficiaries. Clients and exchanges grant security interests over their assets within the trust in favor of each other. Within the trust, the exchange posts collateral to facilitate settlement per the predetermined settlement schedule. The collateral is monitored 24/7 by Copper’s financial risk team giving both clients and exchanges comfort that settlement obligations will be met. If Copper were to become insolvent, the crypto assets held on trust would not form part of Copper’s insolvent estate.

Bitget has been continuously refining its products and services to develop a robust and versatile trading platform for diverse user groups, aiming to encourage people to embrace crypto and find smarter ways to trade. Moreover, the exchange has taken steps to reinforce trust in the volatile crypto market, including the introduction of a 300 million user protection fund and regular monthly updates to its proof of reserves (PoR).

“Institutional crypto investors are primarily seeking ways to safeguard their assets and optimize trading. Bitget’s partnership with Copper exemplifies our ongoing efforts to boost confidence among institutional crypto users. ClearLoop and its innovative trust documentation meet these demands, and in doing so, contribute to the maturing of the ecosystem. We look forward to continuing our collaboration with the Copper team as we expand our institutional offering,” states Gracy Chen, Managing Director of Bitget.

“Allowing clients to trade on exchanges direct from Copper custody is an important step in institutionalizing the digital asset markets. We’re thrilled to partner with Bitget, bringing off-exchange settlement to their institutional clients while furthering our shared commitment to asset security, and setting higher standards for the crypto industry,” says Dmitry Tokarev, CEO at Copper.

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