Bitstamp enters Copper’s ClearLoop network for institutional off-exchange settlement of crypto
“Allowing clients to trade on exchanges direct from Copper custody is an important step in institutionalizing the digital asset markets.”
Bitstamp, the world’s longest-running crypto exchange, has announced it is integrating with digital asset custody provider Copper’s ClearLoop network.
Bitstamp has extended its partnership with Copper to give institutions access to off-exchange settlement and market-first trust documentation built to mitigate exchange counterparty and insolvency risks.
The ‘off-exchange’ settlement network will enable institutional clients to trade with Bitstamp without needing to move assets from Copper’s custodial environment.
Off-exchange settlement for institutional clients
Jean-Baptiste Graftieaux, Global CEO of Bitstamp, said: “We’re very pleased to be deepening our partnership with Copper by joining the ClearLoop network. This move speaks to our focus on delivering for our institutional clients as well as our confidence in the robust architecture provided by Copper. We already know that institutional clients come to us because of our extremely strong record on compliance and regulation, but we know that the optionality we provide means we confidently deliver the risk management solutions they require.
“The combination of our compliance heritage, continually expanding global licensing credentials and work with our off-exchange settlement network and banking partners means we provide a unique level of security and choice to meet the evolving needs of institutions seeking to trade in crypto.”
Dmitry Tokarev, CEO of Copper said: “Allowing clients to trade on exchanges direct from Copper custody is an important step in institutionalizing the digital asset markets. More than ever, it’s essential that custodians and exchanges work together to effectively address primary risks such as exchange-counterparty risk. We’re thrilled to partner with Bitstamp, to bring off-exchange settlement to their institutional clients while furthering our shared commitment to asset security, and setting higher standards for the crypto industry.”
Josh Gibson, Global Head of Exchanges at GSR, a spot and non-linear liquidity provider for digital assets, said: “The ClearLoop solution is an example of maturing crypto market infrastructure that addresses issues of counterparty risk and improves operational efficiency. We are excited to see these continued developments as more institutional players enter the digital asset space.”
Bitstamp has a relationship with Copper since 2021 when it tapped the digital asset custodian as part of its effort to secure a network of multiple 3rd party custodians.
Joining the ClearLoop network will represent a significant step for both companies, as market infrastructure providers will collaborate to serve a heightened focus on counterparty risk management in the wake of recent market events. The Bitstamp group has so far secured 51 licenses and registrations globally, making it one of the most secure and compliant trading venues on the market.
