Bybit, which claims to be the world’s third most visited crypto exchange, has established a partnership with Copper.co, the UK-based provider of institutional digital asset custody and trading solutions, to offer custodial and settlement services for Bybit’s institutional clients via Copper’s ClearLoop service. Subject to contract, Bybit expects to go live with the ClearLoop service in Q1 2023.
The collaboration allows Bybit’s institutional clients to deploy capital and trade immediately on Bybit, while maintaining their assets off-exchange in independent custody using ClearLoop. It also enables Bybit clients to increase allocations, mitigate counterparty risk, and optimize capital efficiency.
The partnership with Copper is the latest in a series of strengthened compliance, security and custodial enhancements and support from Bybit: it recently announced a USD100m support fund for institutional investors, launched its proprietary Web3 wallet, and enhanced its compliance and AML infrastructure.