BIT took the lead in completing its worldwide cooperation with Copper’s ClearLoop (CC), a settlement network that provides institutional clients with an external custody solution. This solution enables clients to securely keep their assets within Copper’s ClearLoop environment while actively trading USD-Margined Options and Futures on the BIT platform. The cooperation between BIT and ClearLoop represents a significant step forward in providing institutional clients with a seamless, efficient, and secure trading experience.
BIT and ClearLoop's cooperation represents a leading solution for cryptocurrency derivatives, delivering fast, cheap, and frictionless customer collateral movement without blockchain network congestion. This solution significantly decreases perceived security risks and improves how asset managers trade and manage capital. By providing a seamless and efficient trading experience, BIT and ClearLoop are paving the way for the future of cryptocurrency trading and management.
BIT takes full advantage of ClearLoop and provides users with the following capabilities.
Increase Capital Efficiency
Institutional clients who trade cryptocurrency assets typically experience long wait times when transferring assets to exchanges via on-chain methods, which can be further prolonged by slow withdrawal processing times. ClearLoop offers a solution by facilitating sub-second off-site settlements, significantly reducing transaction time from 30-60 minutes to just 100 milliseconds. With ClearLoop, users can benefit from fast deposit, withdrawal, and settlement processes with no additional fees.
Keep Assets Security
Assets are stored segregatively in ClearLoop™ accounts, which are protected with award-winning multi-party computation wallets. Within the Copper ClearLoop environment, the trader’s assets never leave the custodian environment.
Minimise Counterparty Risk
Clients could keep assets secure in their ClearLoop™ accounts. It makes clients trade on exchanges and keep their assets in a segregative custodian environment. This solution significantly reduces counterparty risk.
To use ClearLoop and BIT’s setup, you must be a client of both services. If you aren't on board Copper, contact their Account Management Team.
Please note that activating the custodian solution will disable all external deposits and withdrawals. Once the custodian mode is activated, users can only transfer assets within the ClearLoop environment.
1. Sign up/Login,
Register a BIT account, and log in via the magic link: http://bit.com/signup?channel=copper
2. Identity Verification
Complete identity verification with the assistance of your customer manager.
3. Connect ClearLoop™ Account
Before trading, ClearLoop™ Account requires you to connect on Copper.
4. Deposit and Withdrawal
Copper USDC assets 1:1 transfer with BIT USD assets when trading USD-Margined Options and Futures. Make deposits and withdrawals on Copper:
How to deposit on Copper?
How to withdraw on Copper?
BIT offers spot, USD-M Options, and Futures trading services for Copper clients(main account and sub-accounts are supported).
Trade on Website
Trade via API
Trade on Website
Trade via API
Spot trading is available. Available settlement assets can be checked on the Assets Page.
Currently, USDC is the only supported asset to be settled with Copper.
Profit and loss generated by trading are settled every 4 hours with ClearLoop™ Account. If trading vaults are selected on Copper, on-chain transaction fees are applied.