Bybit and Copper Combine Forces, Unveiling ClearLoop Network Partnership
Bybit, the globally recognized cryptocurrency exchange, boosts security and capital efficiency for its users by successfully integrating with Copper’s groundbreaking ClearLoop network, marking a significant step forward in addressing the needs of institutional investors and reinforcing the principles of good governance, transparency, and accountability.
Bybit, currently holding its position as the third most frequented cryptocurrency platform across the globe, has taken a monumental leap forward by seamlessly merging with Copper’s pioneering ClearLoop network. This essential partnership introduces a new paradigm of off-exchange settlements, thereby ushering in an era of increased capital effectiveness and diminished counterparty risk.
The fusion of Bybit into the ClearLoop network demonstrates its unwavering focus on meeting the complex demands of institutional investors in the rapidly fluctuating crypto market. Access to ClearLoop’s groundbreaking trust documentation, which directly tackles exchange counterparty and insolvency risk, allows Bybit’s clients to navigate the trading landscape with heightened security and confidence.
This strategic amalgamation places Bybit alongside other industry heavyweights that adhere to good governance, transparency, accountability, and safety principles. This solidifies Bybit’s revered standing within the ClearLoop network. A critical advantage of this integration is the provision for expedited off-chain settlements while trading on Bybit, an indispensable feature during market turbulence when delays in blockchain transaction confirmations can escalate.
Protecting assets under Copper’s Multi-Party Computation custody and the ClearLoop integration showcasing a transparent English Law trust structure provides institutional clients with an additional layer of empowerment. Bybit’s alliance with Copper and its utilization of the ClearLoop network effectively neutralize institutional investors’ security concerns, offering the assurance and adaptability required by this sophisticated market segment.
Reflecting on the integration, Bybit’s co-founder and CEO, Ben Zhou, stated, “Bybit now stands shoulder to shoulder with major industry frontrunners within the ClearLoop network. These entities are unwavering in their commitment to good governance, transparency, accountability, and most importantly, security. A year ago, security was a looming concern for institutional investors. Today, we’re proactively dispelling these worries by banding together with reliable custodians like Copper, who provide the perfect toolkit for our institutional clientele.”
Dmitry Tokarev, CEO at Copper, echoed Zhou’s sentiments, saying, “We’re delighted to collaborate with Bybit, who mirror our dedication to asset security, user experience, and setting ambitious targets for the crypto industry to reach its maximum growth potential.”
Established in 2018, Bybit has consistently grown, becoming a reliable platform for crypto traders, offering an ultra-fast matching engine, first-class customer service, and multilingual community support. In addition to the crypto landscape, Bybit has established a presence in the sports and esports world, boasting partnerships with high-profile teams such as Formula One’s reigning Constructors’ and Drivers’ champions and Oracle Red Bull Racing.