Bitget joins Copper’s ClearLoop network for off-exchange settlement

Bitget has successfully integrated with Copper’s ClearLoop network in order to offer an off-exchange settlement solution to institutional clients.

Off-exchange settlement is able to elevate asset security, mitigate counterparty risks, and enhance capital efficiency in the world of digital assets.

“It reflects our industry’s growth and commitment to financial infrastructure maturity”

Gracy Chen, Managing Director of Bitget, said: “Bitget’s dedication to providing top-notch services to different clients is further exemplified by this integration with Copper. We noticed the growing demand for enhanced asset security and efficient trading solutions. Institutional clients can now benefit from this cutting-edge solution, further solidifying Bitget’s position as a global leader in the cryptocurrency exchange ecosystem. Bitget is committed to delivering secure and seamless crypto trading experiences, empowering users to embrace the full potential of the digital asset market.”

Dmitry Tokarev, CEO at Copper, commented: “The partnership with Bitget, alongside our shared focus on asset security and setting industry standards, enhances off-exchange settlement for institutional clients. As more exchanges join the ClearLoop network, it reflects our industry’s growth and commitment to financial infrastructure maturity.”

Clients can trade and settle across exchanges with assets stored in Copper’s MPC

Established in 2018, Bitget is a global cryptocurrency exchange specializing in Copy Trading services. Founded in the same year, Copper is a SOC2 Type 2 certified firm that offers custody and collateral management of digital assets. At the core of its 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.

With the integration of Copper’s ClearLoop network, institutional clients can now securely store their digital assets in Copper’s MPC (multi-party computation) wallet while enjoying rapid settlement when trading on Bitget. This solution ensures clients can trade and settle across exchanges, improving the overall efficiency of their trading activities while mitigating risks associated with traditional trading models.

Capital efficiency can be further optimized by being delegated and traded across different ClearLoop-connected exchanges, allowing for cross-exchange trading strategies without transfer and withdrawal fees.

English law-governed trust gives protection from insolvency for any ClearLoop participant

To address insolvency risk, the assets are held in a dedicated ClearLoop omnibus account subject to an English law-governed trust that gives protection from insolvency for any ClearLoop participant.

Bitget’s custody account offers spot trading, margin trading, futures trading, spot copy trading, futures copy trading, spot grids, and futures grids to meet user needs as much as possible. However, services like on-chain crypto deposits and withdrawals, internal transfers, and fiat currency deposits and withdrawals are restricted.

The crypto exchange has worked to reinforce trust in the crypto market known for its high volatility with the introduction of a protection fund for 300 million of its users as well as regular monthly updates on its proof of reserves (PoR).