Bitget Collaborates With Copper To Offer Off-Exchange Settlement Option
Bitget, a prominent cryptocurrency exchange and copy trading platform, has announced a partnership with Copper, the industry’s premier digital asset custody provider, to provide a new off-exchange settlement option. Bitget will join Copper and the Clear Loop network, making it the sixth major exchange to do so this year.
It reduces counterparty risk and boosts capital efficiency, allowing institutional customers to trade and settle in near real-time across exchanges. Thanks to Clear Loop network, Copper’s institutional customers may now delegate their assets to trade on Bitget while still keeping them inside Copper’s infrastructure.
The Copper platform stores client funds, which are subsequently connected to an existing Bitget account. Your Bitget account balance will update instantaneously, and you’ll have access to trading in 580 different pairings using 450 different currencies. Any disparity in balance between the two accounts is resolved in real time using an API.
Bitget Pushing for More Efficient Methods to Trade
Copper has set up a separate account structure just for ClearLoop and formed an English law trust over it to protect against the bankruptcy of any ClearLoop partner. Copper acts as security trustee and manages the funds for the benefit of the beneficiaries.
Security interests in the trust assets are granted by the client or exchange to the other party or parties. To enable payment on the agreed upon timeline, the exchange deposits collateral into the trust.
Copper’s financial risk team constantly monitors the collateral, reassuring customers and exchanges that settlement commitments would be honoured. Cryptocurrency assets held in trust are not included in Copper’s insolvency estate.
Bitget’s mission is to inspire people to use cryptocurrency and to help them discover more efficient methods to trade, therefore the company is always innovating its goods and services to provide a secure and flexible trading platform for a wide range of users.
Furthermore, the exchange has implemented a 300 million user protection fund and monthly upgrades to its proof of reserves (PoR) to bolster confidence in the unpredictable crypto industry.