Bybit, the world’s third most visited crypto exchange, has announced that it will collaborate with Copper.co on a joint venture set to introduce crypto custodial services and settlements for Bybit’s institutional clients. To do this, they will leverage Copper’s market-leading ClearLoop service. Copper.co is a leading institutional digital asset custody and trading solutions, provider.
The joint venture will enable Bybit’s institutional clients to invest capital and trade immediately on the crypto exchange Bybit. While at the same time keeping their assets out of the exchange and stored safely in autonomous custody through Copper’s groundbreaking ClearLoop technologies. The partnership also allows Bybit clients to raise their allocations, mitigate counterparty risk and optimize capital efficiency.
We’re delighted to announce that @Bybit_Official will soon be joining the ClearLoop network– allowing clients to trade on exchanges direct from Copper custody. This is an important step in our shared mission to professionalise digital asset markets. https://t.co/LgBge2VELt pic.twitter.com/GaNlTXWVpD
— Copper.co (@CopperHQ) January 11, 2023
From the reports, Bybit expects to integrate into the ClearLoop service within the first quarter of 2023.
Bybit Anticipates Rising Demand
The move by crypto exchange Bybit to collaborate with an institutional digital asset custody and trading solutions provider comes as the third largest crypto exchange by market cap anticipates a growing demand for a myriad of asset custody and custodial service options that would meet the increasingly demanding clientele. The anticipated demand also signals a renewed focus on individuals of higher profiles and institutional clients.
Speaking on the matter, co-founder and CEO at Bybit Ben Zhou said, “Our aim is to ensure maximum trust and flexibility for our clients and provide the reassurance institutions, and sophisticated investors demand and expect.” Zhou also noted:
This partnership with Copper is a perfect example of how we continue to listen to our customers, care about their concerns, and improve our services and partnerships to provide even higher levels of excellence and commitment.
CEO at Copper.co Dmitry Tokarev also weighed in on the matter, saying:
Recent events demonstrate that the 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.
Bybit Strengthens Crypto Custodial Services For Institutional Investors
The Bybit-Copper.co association is the most recent in a series of Bybit’s efforts to strengthen compliance, security, and custodial developments and support. The crypto firm recently declared a $100 million support fund for institutional investors shortly after launching its proprietary Web3 wallet and enhancing its compliance and anti-money laundering (AML) infrastructure.
Launched in 2018, crypto exchange Bybit provides a professional platform for cryptocurrency trades to enjoy a multilingual super-fast matching engine and state-of-the-art customer support for the convenience of the community. The crypto firm takes pride in its association with the reigning Constructors and Drivers champion for Formula One, the Oracle Red Bull Racing team.
Bybit has also partnered with esports teams like NAVI, Astralis, Alliance, Made in Brazil (MIBR), Oracle Red Bull Racing Esports, and most importantly, the association football (soccer) team Borussia Dortmund.
Copper.co was established in 2018 and serves as a gateway for institutional investors into the crypto-asset sector. To do this, the company provides custody, trading, and settlement solutions to 500 cryptocurrency assets and over 45 crypto exchanges.
Copper.co has made it its mission to deliver flexible solutions to institutional investors capable of adapting to the fast-paced crypto asset space while at the same time facilitating more transparency and control for asset managers.
The company boasts of fully integrated products standing out for their uniqueness. Copper.co has established a complete and secure collection of tools and services requisite for safely acquiring, trading, and storing crypto, an action that has further underpinned its multi-award-winning custody.
At the center of the company’s infrastructure is ClearLoop, which is a structure that links all the crypto exchanges in a single secure trading loop with live settlement across several networks. ClearLoop is integrated with top-tier crypto firms and has already revolutionized how institutional investors can participate in the crypto asset sector right from its inception in May 2020.
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