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BitMart Crypto Exchange to Join Copper’s ClearLoop Network as a Custodian Partner

19 January 2023
in Latest News, News
Reading Time: 3 mins read
102 6
Home News Latest News

BitMart, a Cayman Islands-based cryptocurrency exchange, has announced its plans to provide off-exchange settlement services to its institutional clients by partnering with digital asset custody firm Copper.  

The partnership will allow BitMart’s institutional clients to trade on the BitMart exchange while safeguarding their digital assets in Copper’s custody. According to the company, the partnership will be subject to contracts and the completion of technical integration. 

Off-exchange settlement is a process where trades are settled outside the exchange on which they were executed. This allows for more flexibility and customization regarding settlement terms and increased security and control over the traded assets.  

By joining Copper’s ClearLoop network, BitMart’s institutional clients will have access to a secure, institutional-grade custody solution tailored to meet digital assets’ needs. 

Copper’s ClearLoop network offers a secure, seamless trading experience by connecting multiple exchanges into a single, unified platform. This innovative network allows for real-time settlement across multiple networks, allowing users to trade across different exchanges without the need to move their assets between them. 

Brokerage firm Bernstein stated in a research report on Tuesday that the recent collapse of FTX highlights the risks associated with entrusting digital assets to unregulated or under-regulated exchanges and noted that more investors are becoming aware of the importance of using regulated custodians for their digital assets. The report stated that the custody revenue opportunity could run into billions in 2033. 

However, in November, London-based Copper, a digital asset management company, entered into a significant insurance agreement with Aon, a leading insurance provider in the United Kingdom. The deal, worth a staggering $500 million, will provide coverage for an extensive portfolio of digital assets stored in cold storage.  

This marks one of the biggest insurance deals in the digital asset industry, as it demonstrates the growing need for protection and security for businesses operating in the digital space.

 

If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.

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