Ever wondered how the big players in the crypto world trade? Well, Bitget and Copper’s ClearLoop are about to shake things up for institutional clients!
Bitget, a renowned crypto exchange, joined Copper’s ClearLoop network. The goal? To offer institutional clients a seamless off-exchange trading and settlement experience. This collaboration directly responds to the demand for top-notch digital asset security and efficient trading solutions.
Here’s the scoop: Bitget’s institutional clientele can securely stash their digital assets in Copper’s MPC (multi-party computation) wallet. This wallet is a game-changer, allowing trading and settlement across various ClearLoop-connected exchanges. If you’re scratching your head about MPC, it’s a cryptographic tech that amps up the existing multi-sig techniques. In layman’s terms, it lets wallet keys be “split” among different parties. Cool, right?
Bitget’s Managing Director, Gracy Chen, shed some light on this integration. She mentioned the rising demand for enhanced asset security and efficient trading solutions. With this new setup, institutional clients are in for a treat. Dmitry Tokarev, Copper’s CEO, echoed similar sentiments, emphasizing the shared focus on asset security and setting industry benchmarks.
But what’s the real advantage here? Bitget believes this integration boosts capital efficiency. How? By enabling cross-exchange trading strategies without those pesky additional transfer and withdrawal fees. Plus, it tackles risks that traditional trading models overlook, like liquidity and operational risks. And if you’re worried about insolvency, fret not! Assets are securely held in a dedicated ClearLoop omnibus account governed by English law. This ensures insolvency protection for all ClearLoop participants.
But that’s not all! Bitget’s been making waves in other areas too. Last month, they rolled out a cryptocurrency loan product. This was a bold move, especially considering the rocky road centralized crypto lending services faced in 2022. Remember the collapse of giants like Celsius, BlockFi, and Voyager Digital? Bitget sure does. And in April, they unveiled a whopping $100 million web3 venture fund, targeting global investments with a keen eye on Asia.
