Leading crypto derivatives and copy trading platform Bitget has announced that it will partner with leading digital asset custodial provider Copper to launch an off-exchange settlement solution. This allows institutional clients to trade and settle in near real time on the platforms while reducing counterparty risk and increasing capital efficiency.
Bitget will be the sixth major exchange this year to integrate with Copper and join the ClearLoop network. Integration with ClearLoop allows institutional users of both companies to hold assets on Copper’s infrastructure while simultaneously delegating those assets for trading on bitget. Client assets are deposited on the Copper platform and then linked to a Bitget account. The Bitget account instantly reflects this balance and allows effective trading on 450 cryptos and 580 trading pairs. Balance differences between the two accounts are settled automatically by API.
To deal with the risk of insolvency of any participant in ClearLoop, Copper has set up a new account structure dedicated to ClearLoop, on which is created a trust under English law. Copper is appointed as security trustee and holds the assets on behalf of the beneficiaries. Clients and exchanges grant each other guarantees over their assets within the trust. Within the trust, the platform deposits collateral to facilitate settlement on a predetermined schedule. Collateral is monitored 24/7 by Copper’s financial risk team, giving clients and platforms confidence that settlement obligations will be met. If Copper were to become insolvent, the crypto assets held on the trust would not form part of Copper’s insolvent estate.
Bitget has continuously refined its products and services to develop a robust and versatile trading platform for diverse user groups, aiming to encourage the general public to embrace cryptocurrencies and find smarter ways to trade. Additionally, the exchange has taken steps to build trust in the volatile cryptocurrency marketincluding the establishment of a $300 million Protection Fund and regular monthly updates to its Proof of Reserves (PoR).
“Institutional crypto investors are primarily looking for ways to protect their assets and optimize their trading. Bitget’s partnership with Copper exemplifies our ongoing efforts to build trust among institutional crypto users. ClearLoop and its innovative trust documentation respond to these demands and thus contribute to the maturation of the ecosystem. We look forward to continuing our collaboration with the Copper team, which allows us, among other things, to expand our institutional offer,” said Gracy Chen, CEO of Bitget.
“Allowing clients to trade on the platforms directly from the custody account that Copper offers is an important step in the institutionalization of digital asset markets. We are excited to partner with Bitget, bringing off-exchange settlement to their institutional clients while continuing our shared commitment to securing assets, and setting higher standards for the cryptocurrency industry,” added Dmitry Tokarev, CEO of Copper.
Created in 2018, bitget is one of the main cryptocurrency exchanges in the world, whose flagship features are Futures trading and copy trading services. Serving over 8 million users in over 100 countries and regions, the platform is committed to helping users trade smarter by providing them with a versatile and secure trading solution. It also inspires the general public to embrace cryptocurrency through collaborations with reputable partners, including legendary Argentine footballer Lionel Messi, legendary Juventus Turin, and official esports event organizer PGL. According to CoinGecko, Bitget is currently in the top 5 Futures trading platforms and the top 10 Spot trading platforms.
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Since its inception in 2018, Copper has been setting standards for institutional digital assets by offering custody and collateral management of digital assets. Based on award-winning technology, Copper has built comprehensive and secure services and products needed to securely store and trade cryptocurrencies and other digital assets such as tokens and stablecoins. At the heart of Copper’s infrastructure is ClearLoop, which enables clients to trade and settle in near real-time across multiple platforms, while mitigating counterparty risk and increasing capital efficiency. Copper is SOC2 Type 2 certified and licensed in Switzerland.
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