We are delighted to announce that, subject to contracts and completion of technical integration, Bitget, a top crypto derivatives and copy trading platform, will be partnering with Copper and joining the ClearLoop Network. This will be the sixth exchange this year to announce their plans to partner with Copper, bringing ClearLoop to their institutional clients.
The ClearLoop integration with Bitget enables the institutional users of both companies to keep assets within Copper’s infrastructure while simultaneously delegating those assets to trade on Bitget. Client 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 balance between the two accounts are settled automatically via API.
What’s more, 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 security trustee and holds the assets on behalf of the beneficiaries. Clients and exchanges grant security interests over their assets within the trust in favour of each other. Within the trust, the exchange posts collateral to facilitate settlement per the pre-determined 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.” Dmitry Tokarev, CEO at Copper.
Since being founded in 2018, Copper has been setting the standard for institutional digital assets by offering custody and collateral management of digital assets. Underpinned by multi-award-winning technology, Copper has built the comprehensive and secure products and services required to safely custody and trade cryptocurrencies and other digital assets such as tokens and stablecoins. At the core of Copper’s infrastructure is ClearLoop, which enables clients to trade and settle in near real time across multiple exchanges, while mitigating counterparty risk and increasing capital efficiency. Copper is SOC2 Type 2 certified and licensed in Switzerland.
Bitget, established in 2018, is a leading cryptocurrency exchange with futures trading and copy trading services as its key features. Serving over 8 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. It also inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi, the leading Italian football team Juventus, and official eSports events organizer PGL. According to Coingecko, Bitget is currently a top 5 futures trading platform and a top 10 spot trading platform.
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