The new era of digital asset off-exchange settlement has arrived with the partnership between BitGo's Go Network and Copper's ClearLoop.
Users will soon have access to Bybit, OKX, Powertrade, Bitget, Gate.io, Deribit, BIT, Bitfinex, and Bitstamp through Copper and BitGo's combined networks.
BitGo, a leading digital asset custodian, and Copper, a pioneer in institutional digital asset infrastructure, announce their partnership to expand their existing off-exchange settlement networks.
This partnership between BitGo's Go Network and Copper's ClearLoop facilitates the global growth of institutional market participation as well as the de-risking of trading market infrastructure.
What this partnership will bring for international institutional clients:
The ability to trade on leading global exchanges while assets are held within a regulated custody ring-fenced environment.
An institutional environment for users to participate in a new standard of digital asset infrastructure, challenging the existing model of holding assets directly on individual exchanges.
Bankruptcy remote protection through both BitGo Go Network wallets and the Copper ClearLoop English law governed trust structure.
"BitGo and Copper are coming together to solve a critical missing component of market infrastructure which has plagued the industry for years and contributed to a series of market events, such as the collapse of FTX, Mt Gox, Coincheck, and others. With these settlement networks, we're finally able to settle assets safely and securely without direct exposure to exchanges. With BitGo joining the ClearLoop network, BitGo's users' funds never leave its regulated custody," said Mike Belshe, BitGo CEO.
As the industry matures and institutional adoption rises, Copper is taking some of the tried and tested best practices from traditional financial markets to meet the growing demand of clients to diversify counterparty risk and meet the increased demand of investors. Since 2020, Copper's off-exchange settlement solution, ClearLoop, has been mitigating counterparty risk in partnership with exchanges and prime brokers, and now in partnership with BitGo.
Dmitry Tokarev, CEO at Copper.co said "Together with BitGo we are working to provide safe and reliable custody and trading services for institutional investors outside of the US. Copper is proud to collaborate with leaders like BitGo, to keep developing the most trustworthy and responsible financial market infrastructure, showing our dedication to the long-term success of the digital asset ecosystem."
Leon Marshall, chief executive of Europe, Galaxy, said, "We welcome Go Network's expansion of capabilities and digital asset market infrastructure during a time of heightened interest and adoption by institutional investors. The bifurcation of qualified custody and global exchange access offers investors greater risk mitigation, capital efficiency, and liquidity, helping to deepen access to the digital asset market."
Partnering to drive the next iteration of innovation and market infrastructure for this industry is our mutual goal and what brought us together. The combination of capital-efficient solutions and secure custody of digital assets adds much-needed accountability and functionality to the industry for years to come.
About Go Network: For the first time, institutions can custody, access and settle USD and digital assets instantly, 24/7 on a single platform.
Highest standard of custody for digital assets and fiat (USD).
24/7 DVP and atomic settlement; Go Network grants BitGo clients the ability to settle across both USD and digital assets with other Go Network participants.
Off-exchange settlement with Bitstamp.
About ClearLoop ClearLoop is the industry's first and leading off-exchange settlement solution, mitigating counterparty risk; and increasing capital efficiency for institutional investors. It offers:
Risk-clearing settlement times of up to 4 hours on Copper's infrastructure.
Reduced network fees through off-exchange settlement.
Instant delegation of assets across eight live exchanges, with a further four launching in 2024 (subject to contract).
Bankruptcy remote protection within the ClearLoop English law governed trust structure.
24/7 client support and risk monitoring.
About BitGo BitGo provides the most secure and scalable wallet solutions for the digital asset economy, offering regulated custody, staking and trading, and core wallet infrastructure.
Founded in 2013, BitGo pioneered the multi-signature wallet and is the first digital asset company to focus exclusively on serving institutional clients. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets, and established BitGo New York Trust in 2021. In 2022, BitGo launched institutional-grade DeFi, NFT, and web3 services. BitGo secures approximately 20% of all on-chain Bitcoin transactions by value and supports more than 700 digital assets within its platform. BitGo provides the security and operational backbone for more than 1,500 institutional clients in 50 countries, including many regulated entities and the world's top cryptocurrency exchanges and platforms. For more information, please visit http://www.bitgo.com
About Copper Since being founded in 2018, Copper has been building the standard for institutional digital asset infrastructure with a focus on custody and collateral management. Underpinned by multi-award-winning technology, Copper has built a comprehensive and secure suite of products and services required to safely custody and trade digital assets. At the core of Copper's infrastructure is ClearLoop, which enables clients to manage collateral and settle trades in near real-time across multiple exchanges, while mitigating counterparty risk and increasing capital efficiency.
ClearLoop Live Exchanges: Bybit, OKX, Powertrade, Bitget, Gate.io, Deribit, BIT and Bitfinex Upcoming Exchanges: Huobi, Bittrex, Bitstamp, and BitMart
Disclaimer: Any products offered to clients as a result of this partnership will not constitute any offer of securities, other financial instruments or tokens of any kind. No products will be made available to any US Person. The partnership remains subject to further legal and regulatory analysis, in order to determine the most suitable structuring and legal documentation solutions.
No legal, tax, investment, or other advice is provided by any BitGo entity. Please consult your legal/tax/investment professional for questions about your specific circumstances. Digital asset holdings involve a high degree of risk, and can fluctuate greatly on any given day. Accordingly, your digital asset holdings may be subject to large swings in value and may even become worthless.