Introduction
BIT has successfully completed its partnership with Copper through ClearLoop, a settlement network providing institutional clients with an advanced external custody solution. This strategic solution allows clients to securely house their assets within the Copper ClearLoop environment while actively trading USD-Margined Options and Futures on the BIT platform. This significant advancement offers institutional clients a more efficient and secure trading experience.
Features
The collaboration between BIT and Copper presents a groundbreaking solution for cryptocurrency derivatives, ensuring high efficiency and cost-effectiveness in customer collateral movement without the burden of blockchain network congestion. Moreover, this partnership guarantees robust protection for asset and risk management, further enhancing the overall trading experience.
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Increase Capital Efficiency
Institutional clients trading cryptocurrency assets often face prolonged delays when transferring assets to exchanges through on-chain methods. ClearLoop offers an innovative solution to this issue by facilitating off-site settlements in under a second, drastically reducing transaction times from the usual 30-60 minutes to a mere 100 milliseconds. With ClearLoop, users enjoy rapid deposit, withdrawal, and settlement processes at no extra cost.
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Keep Assets Security
Accounts within ClearLoop™ are safeguarded by professional-grade, secure multi-party computation wallets. In the Copper ClearLoop ecosystem, traders' assets remain in the custodian environment at all times, significantly augmenting the security of clients' assets.
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Minimise Counterparty Risk
As assets are securely housed in the ClearLoop™ account, clients have the capability to track and verify the authenticity and integrity of funds in real-time. This robust system considerably mitigates counterparty risk.
Setup
Please note that activating the custodian solution will disable all external deposits and withdrawals, and users can only transfer assets within the ClearLoop environment.
1. Onboard
To use these services, you need to be a client of both BIT and Copper:
- Register BIT for first use via a specified link, and complete identity verification with the assistance of your customer manager
- If you are not yet using Copper, please reach out to the Copper Account Management Team.
2. Connect ClearLoop™ Account
Provide the API information of your BIT account to connect with the ClearLoop™ account.
- Go to BIT to create an API (enable Read permission) and obtain the UID (Top Navigation Bar > User Avatar on the right side).
- Go to the Copper Console, add the ClearLoop™ account, and fill in the required information (API Key, API Secret, UID).
3. Deposit and Withdrawal
Copper USDC assets 1:1 transfer with BIT USD assets. To deposit or withdraw assets, please go to the Copper Console to perform lock and unlock action with the ClearLoop™ Account.
4. Trading
Copper clients are supported to use both main accounts and sub-accounts for USD-Margined Options and Futures trading.
USD-M Options
USD-M Futures
5. Settlement
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, following these guidelines:
- Transfers between main account and sub-accounts are not settled.
- Deposits and withdrawals are not settled.
- Unsettled profit and loss for Options and Futures are not settled.
- Settlement amount represents the net cash flow during each settlement period.
- The process is executed automatically.
- Sub-accounts are settled to the ClearLoop™ Account connecting their main account.
Note: Transfers between Copper accounts may be subject to transaction fees. For specific rules and regulations, kindly refer to Copper's policy.