Bybit Strengthens Custodial Services for Institutional InvestorsCopper ClearLoop partnership adds off-exchange custodial service to Bybit’s growing portfolio
NEWS RELEASE BY BYBIT
DUBAI, United Arab Emirates | January 11, 2023 05:08 AM Eastern Standard Time
Bybit, the world’s third most visited crypto exchange, has announced a partnership with https://copper.co/ a leading provider of institutional digital asset custody and trading solutions, to offer custodial and settlement services for Bybit’s institutional clients via Copper’s market leading ClearLoop service. Subject to contract, Bybit expects to integrate into the ClearLoop service in Q1 2023.
The collaboration allows Bybit's institutional clients to deploy capital and trade immediately on Bybit, while maintaining their assets off — exchange in independent custody using Copper’s pioneering ClearLoop technology. It also enables Bybit clients to increase allocations, mitigate counterparty risk, and optimize capital efficiency.
Bybit’s move anticipates rising demand for a variety of asset custody and custodial service options to satisfy an increasingly demanding clientele, and signals a renewed focus on higher net worth individuals and institutional clients.
“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, co-founder and CEO at Bybit. “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.”
Dmitry Tokarev, CEO at Copper, commented: “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.”
The partnership with Copper is the latest in a series of strengthened compliance, security and custodial enhancements and support from Bybit: it recently announced a $100m support fund for institutional investors, launched its own proprietary Web3 wallet, and enhanced its compliance and AML infrastructure.
Bybit is a cryptocurrency exchange established in 2018 that offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions, the Oracle Red Bull Racing team, esports teams NAVI, Astralis, Alliance, Made in Brazil (MIBR), and Oracle Red Bull Racing Esports, and association football (soccer) team Borussia Dortmund.
For more information, please visit: https://copper.co/
Founded in 2018, Copper provides a gateway into the crypto-asset space for institutional investors by offering custody, trading, and settlement solutions across 500 crypto-assets and more than 45 exchanges. It is committed to providing flexible solutions for institutional investors that can adapt to the changing crypto asset space while enabling far greater transparency and control for asset managers.
Copper’s fully integrated products are unique in the crypto-asset space. Underpinned by multi-award-winning custody, Copper has built the comprehensive and secure suite of tools and services required to safely acquire, trade, and store cryptocurrencies.
At the core of Copper’s infrastructure is ClearLoop, a framework that connects the universe of exchanges in one secure trading loop — with real-time settlement across multiple networks. Integrated with market-leading crypto exchanges, ClearLoop has already transformed how institutional investors can engage in the crypto asset space since it was launched in May 2020.
Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
End of Announcement - EQS News Service