Key highlights:
- Bybit, a popular cryptocurrency trading platform, announced a partnership with Copper.co
- Bybit has pursued a series of strengthened compliance, security, and custodial enhancements lately, its integration with Copper.co marks the latest
- Bybit seeks to strengthen custodial services for institutional investors via its connection with Copper’s ClearLoop
Bybit, a leading cryptocurrency exchange, has enhanced its growing portfolio of digital asset products and services with an off-exchange custodial service, all thanks to its new collaboration with Copper.co.
According to an official announcement from earlier today, Bybit has signed a new partnership with Copper.co, a renowned institutional digital asset custody, and trading solution provider. This marks the newest and latest development from Bybit in its efforts to build a more enhanced and efficient platform. Lately, Bybit has reportedly been on a relentless hunt for a series of strengthened compliance, security, and custodial enhancements and support for its users.
The partnership between Bybit and Copper.co deems perfect as it appears that both companies share a similar commitment towards improving asset security and user experience. Also, they both seem to set higher standards for the crypto industry.
The CEO at Copper.co, Dmitry Tokarev, acknowledged this in his statement:
“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.”
Per Tokarev’s statement, there are concerns that the recent events within the crypto ecosystem indicates that the crypto market structure needs to evolve to mirror traditional finance. However, the company believes that the key element to achieving this is an off-exchange settlement, which is the leading reason for the partnership.
Bybit strengthens custodial services for institutional investors
According to the announcement, the partnership will see Bybit providing custodial and settlement services for its institutional clients. It has planned to achieve this by leveraging Copper’s market-leading ClearLoop service.
Although the announcement did not note any specified date Bybit would deploy the stated mechanism, the company revealed that it expects to integrate into the ClearLoop service in the first quarter of 2023.
Following Bybit’s incorporation Copper.co, the institutional clients of the platform will now have the opportunity to deploy capital while executing instant trade on the platform. Meanwhile, they can continue to maintain their assets off-exchange in independent custody, all thanks to the deployment of Copper’s pioneering ClearLoop technology.
In addition to this, users of the platform will also be able to increase allocations, mitigate counterparty risk, and optimize capital efficiency using the ClearLoop infrastructure.
In a bid to explain the motive behind the company’s latest moves, Ben Zhou, the co-founder and CEO at Bybit, 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 further noted that the firm’s partnership with Copper reflects its commitment to always listen to its customers, care about their concerns, improve Bybit services and expand its portfolio, while also collaborating with necessary firms to provide even higher levels of excellence and commitment for its retail and institutional clients.
