Bybit Partners With Copper.co To Strengthen Custodial Services For Institutional Investors

Twitter icon  •  Published 3 weeks ago  •  Hassan Maishera

Cryptocurrency exchange Bybit has announced that it has partnered with Copper.co to boost custodial services for its institutional investors.

Bybit, the world’s third most visited crypto exchange, announced on Wednesday, January 11th, that it has partnered with Copper.co, a leading provider of institutional digital asset custody and trading solutions.

In a press release shared with Cryptowisser, the partnership will lead to the offering of 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. 

Thanks to this partnership, Bybit’s institutional clients can deploy capital and trade immediately on Bybit, while maintaining their assets off-exchange in independent custody using Copper’s pioneering ClearLoop technology. Furthermore, this would allow Bybit clients to increase allocations, mitigate counterparty risk, and optimize capital efficiency.

While commenting on this latest development, Ben Zhou, co-founder and CEO at Bybit, said;

“Our aim is to ensure maximum trust and flexibility for our clients, and provide the reassurance institutions and sophisticated investors demand and expect. This partnership with Copper, is a perfect example of how we continue to listen to our customers, care about their concerns, and improve our services and partnerships to provide even higher levels of excellence and commitment.”

Dmitry Tokarev, CEO at Copper, added: 

“Recent events demonstrate that crypto market structure needs to evolve to mirror traditional finance and a key element of this is an off-exchange settlement.  We’re excited to join forces with Bybit, who share our commitment to asset security, user experience and to set higher standards for the crypto industry to reach its full growth potential.”

Bybit said it made this move as it 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.

The collaboration between the two entities is the latest in a series of strengthened compliance, security and custodial enhancements and support from Bybit. In December 2022, Bybit announced the launch of its  $100m support fund for institutional investors. The crypto exchange has also launched its own proprietary Web3 wallet and enhanced its compliance and AML infrastructure.

Bybit is a cryptocurrency exchange that was launched in 2018 and offers a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service and multilingual community support. The low Bybit fees make it one of the fastest-growing cryptocurrency exchanges at the moment. Furthermore, Bybit reviews have generally been positive, as the exchange has provided traders with the necessary tools to trade successfully.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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