Bybit, one of the largest crypto exchanges in the world, has announced that its integration with Copper’s ClearLoop network has been completed.
This integration will allow investors to trade on Bybit’s exchange while settling off-chain, to ensure the near-instant settlement of their trades. This is especially useful during periods of heightened market volatility, as blockchain transaction confirmation times typically increase significantly during such periods.
As the assets will be safeguarded under secure Multi-Party Computation custody at Copper, Bybit’s integration with ClearLoop also empowers institutions with its clear English Law trust structure.
Copper’s ClearLoop network provides clients with off-exchange settlement which mitigates counterparty risk and improves capital efficiency.
Clients can also benefit from Copper’s market-first trust documentation, which mitigates both exchange counterparty and insolvency risk.
By joining the ClearLoop network, Bybit has demonstrated its commitment to transparency, accountability, safety, and effective governance.
Ben Zhou, co-founder and CEO of Bybit, hailed the integration, saying: “Bybit now sits alongside major industry players within the ClearLoop network that honor the pillars of good governance by being transparent, accountable, and, above all, secure.
“A little over a year ago, security was the biggest concern for institutional investors, but we are now removing concerns by partnering with custodians like Copper that offer the right set of tools for our institutional clients,” Zhou added.
Meanwhile, Copper CEO Dmitry Tokarev said his company is “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.”
