BIT extends integration with Copper's ClearLoop to facilitate off-exchange settlements on USD-margined products

• BIT upgrades integration with Copper's ClearLoop to support BIT's unified margin feature and USD-margined options, revolutionising crypto trading for institutions.
• Enabling off-exchange settlement on USD-margined products

DUBAI, UAE, July 11, 2023 /PRNewswire/ -- BIT, a leading professional digital asset exchange, today announced an update to its existing integration with Copper ClearLoop, a leading digital asset settlement network.

BIT's integration upgrade with Copper will allow Copper via ClearLoop to support BIT's Unified Margin feature, which allows traders to use all of their assets as collateral. In addition, the upgrade converted the previous supported coin margined options to USD-margined options. BIT will also be adopting the new ClearLoop trust structure, which further reduces their clients' exposure to counterparty risk thanks to Copper's market leading and innovative legal framework.

The ClearLoop technical functionality of off-exchange settlement will remain unchanged but will have the added benefit of bankruptcy remoteness delivered by ClearLoop's legal framework.

Featuring off-exchange settlements, the completion of this upgrade is set to transform the crypto trading experience for institutional clients.

With BIT's upgraded trading features and its partnership with Copper, institutional clients can conveniently use BIT's trading services without the need to transfer their assets from Copper custody, thereby avoiding security concerns usually associated with trading on cryptocurrency exchanges such as the risk of exchange hacks and asset freezing.

This integration enables institutional clients to securely trade on the BIT exchange with the peace of mind that their assets remain safeguarded under Copper's segregated custody, mitigating counterparty risk exposure, improving capital efficiency and speeding up settlement times. 

Through Copper's innovative off-exchange settlement solution, ClearLoop, BIT users can safely access assets and settle trades via their ClearLoop account.

"We are extremely pleased to be announcing this innovative and exciting partnership", said LAN, the co-founder and COO of BIT. "As a crypto exchange designed for professionals, BIT is committed to addressing clients' concerns by continuously refining its infrastructure, enhancing trading tools, and expanding industry partnerships. We aim to deliver a secure and professional trading platform and provide clients with an advanced trading experience."

"We're proud to grow our partnership with BIT as they adopt the new ClearLoop Trust Structure, providing their institutional clients with even greater protection for their digital assets", states Dmitry Tokarev, founder and CEO of Copper.co. "The growing number of exchanges joining ClearLoop is a testament to the industry's growth and commitment to continued financial market infrastructure maturity."

About BIT

BIT is a full-featured cryptocurrency exchange that is designed for use by professionals, with advanced risk management and fund efficiency supported by Portfolio Margin and Unified Margin.

BIT was launched in August 2020 as an affiliate of Matrixport, a prominent crypto financial service company. BIT is one of the top crypto options trading platforms which offer innovative USD-margined trading pairs.

About Copper.co 

Since being founded in 2018, Copper, a SOC2 Type 2 certified company with a registration in Switzerland, has been setting the standard for institutional digital asset by offering custody and collateral management of digital assets. Underpinned by multi-award-winning technology, Copper has built the comprehensive and secure products and services required to safely custody and trade cryptocurrencies and other digital assets such as tokens and stablecoins. At the core of Copper's infrastructure is ClearLoop, which enables clients to trade and settle in near real time across multiple exchanges, while mitigating counterparty risk and increasing capital efficiency.  

SOURCE BIT