BIT the secure and high-performance derivative exchange launched by Matrixport, today announced the completion of its integration with Copper ClearLoop, the platform provided by London-based digital asset custodian Copper.co, which facilitates instant, off-exchange cryptocurrency settlements.
This integration will allow institutional clients to keep their assets secure under Copper’s segregated custodian account, while trading on BIT and settling trades in their ClearLoop account. This solution could be extremely helpful for institutional traders because it ensures accessibility, convenience and bypasses security concerns typically linked to trading on cryptocurrency exchanges – including exchanges being hacked, or assets being frozen.
To date, institutional users trading crypto assets have had to move their assets from their secure cold wallets into the exchange’s hot wallets, a process that can often take between ten minutes to one hour. These delays are exacerbated when considering withdrawals and post-trade. ClearLoop eliminates this by enabling off-exchange settlement which takes less than one second.
ClearLoop ensures that both the client and the exchange have enough assets allocated to cover any position submitted by a trader before it is opened. Copper then settles trades instantly between parties after the trade has taken place. It also enables traders to have full control over their response to market motion and price action.
“We are delighted to welcome BIT to the growing ClearLoop network and offer our institutional-grade security to its traders. We look forward to working with its talented team to ensure traders’ assets are secure and, by extension, help BIT to grow their customer base. By eliminating historic security risks and providing the peace of mind institutions demand when allocating assets to crypto, we are paving the way to making digital assets mainstream. ” said Dmitry Tokarev, Founder and CEO of Copper.
Since BIT inception in August 2020, BIT has traded more than USD 8.4 billion and is on the way to take a bigger market share. At the moment, the exchange trades between USD 100-200 millions trading volume on a daily basis. “Integrating with Copper ClearLoop is a natural step for BIT. Copper’s innovative solution solves pain points for institutional users when it comes to counterparty risk and deposit/withdrawal waiting time. We believe the trading volume on BIT will benefit from this added method of access via Copper ClearLoop and an expanded institutional clientele as a result.” said Cynthia Wu, Head of Business Development and Sales, BIT.
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BIT is a secure and high-performance derivative exchange launched by Matrixport, an integrated financial services firm and household name in crypto. Established in February 2019, Matrixport was a spinoff from Bitmain Technologies, the world’s largest cryptocurrency mining equipment producer, and is backed by a league of top tier investors such as Standard Crypto, IDG Capital, Lightspeed Venture Partners, Polychain, Dragonfly Capital, Paradigm, CMT Digital, Jihan Wu and John Ge. Bit.com offers crypto perpetual swaps and option trading, currently available for BTC, ETH and BCH trading. Among which, Bitcoin Cash option trading on Bit.com is the first of its kind in the industry.
BIT was built with institutional-grade security and risk management features to ensure a superior trading experience leveraging best-in-class liquidity.
Founded in 2018 by Dmitry Tokarev, Copper provides a gateway into the cryptoasset space for institutional investors by offering custody, prime brokerage, and settlements across 150 digital assets and more than 25 exchanges. It is committed to providing flexible solutions for institutional investors that can adapt to the changing cryptoasset space, while enabling far greater transparency and control for asset managers.
Copper’s fully integrated products are unique in the cryptoasset space. Underpinned by multi-award-winning custody, Copper has built the comprehensive and secure suite of tools and services required to safely acquire, trade, and store cryptocurrencies, including access to margin lending trading facilities and the DeFi space.
At the core of Copper’s infrastructure is ClearLoop, a framework that connects the universe of exchanges in one secure trading loop — with real-time settlement across the Networks. Integrated with market leading spot and derivative crypto exchanges, ClearLoop has already transformed the way in which institutional investors can engage in the cryptoasset space since launching in May 2020.
For more information, please visit: www.copper.co