Bybit Integrates Copper ClearLoop, To Add Custodial Services Strength

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Editing by Nathaniel Cajuday

  • Crypto exchange Bybit announced that it has collaborated with Copper.co, an institutional digital asset custody and trading solutions provider. 
  • The partnership aims to integrate Copper ClearLoop into the exchange in the first quarter of this year. 
  • The integration can then allow Bybit’s users to deploy capital and trade immediately on the platform while maintaining their assets off—exchange in independent custody.

International crypto exchange Bybit recently announced its collaboration with institutional digital asset custody and trading solutions provider Copper.co. As to the firm, the partnership targets bringing Bybit’s institutional clients custodial and settlement services through Copper’s market-leading ClearLoop service.

“Our aim is to ensure maximum trust and flexibility for our clients and provide the reassurance institutions and sophisticated investors demand and expect,” said Ben Zhou, the co-founder and CEO at Bybit. 

According to the firm, the integration of this service is set to happen in the first quarter of this year, claiming that the partnership would enable Bybit’s institutional clients to deploy capital and trade immediately on the platform while maintaining their assets off—exchange in independent custody using Copper’s pioneering ClearLoop technology. 

“This partnership with Copper is a perfect example of how we continue to listen to our customers, care about their concerns, improve our services and partnerships to provide even higher levels of excellence and commitment,” Bybit claimed, adding that the collaboration will let its clients increase allocations, mitigate counterparty risk, and optimize capital efficiency.

Accordingly, Bybit anticipates that this initiative will raise the demand for various asset custody and custodial service options that will satisfy their increasingly demanding clientele, and will signal a renewed focus on higher net-worth individuals and institutional clients.

“Recent events demonstrate that crypto market structure needs to evolve to mirror traditional finance and a key element of this is off-exchange settlement. We’re excited to join forces with Bybit, who share our commitment to asset security, user experience and to setting higher standards for the crypto industry to reach its full growth potential,” Dmitry Tokarev, CEO at Copper, commented.

Consequently, Bybit stressed that their partnership with Copper is “the latest in a series of strengthened compliance, security, and custodial enhancements and support from Bybit.”

Recently, the exchange also announced a $100 million support fund for institutional investors. Bybit noted that it launched its own proprietary Web3 wallet, and enhanced its compliance and AML infrastructure not long ago. (Read more: Crypto Exchange Bybit Launches ‘Wallet Control System 3.0’ to Boost Risk Management)

On the other hand, the exchange’s gaming finance (GameFi) platform Yeeha Games also announced the launch of its first non-fungible token (NFT)  massively multiplayer online role-playing game (MMORPG). (Read more: MMORPG NFT Game ‘Oath of Peak’ on Polygon Achieves 300K Pre-Registered Players)

This article is published on BitPinas: Bybit Integrates Copper ClearLoop, To Add Custodial Services Strength

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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