Crypto Exchange BitMart to Join Custodian Copper’s ClearLoop Network

Institutional clients will be able to trade on the BitMart exchange while their digital assets remain safeguarded in Copper’s custody.

AccessTimeIconJan 19, 2023 at 11:04 a.m. UTC
Updated May 9, 2023 at 4:06 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto exchange BitMart is set to offer its institutional clients off-exchange settlement by partnering with digital assets custody firm Copper, the company said in a statement on Thursday.

BitMart will be joining Copper’s ClearLoop network subject to contracts and the completion of technical integration. Once completed, its institutional clients will be able to trade on the BitMart exchange while their digital assets remain safeguarded in Copper’s custody.

Copper’s ClearLoop network connects multiple exchanges in one secure trading loop, with real-time settlement across numerous networks.

The collapse of crypto exchange FTX has led to a greater focus on using regulated custodians and the custody revenue opportunity could grow to $8 billion by 2033, brokerage firm Bernstein said in a research report Tuesday.

“Institutional crypto investors are, above all, seeking out ways to better safeguard their assets and optimize their trading,” said Victor Wei, vice-president of institutional clients at BitMart, adding that “ClearLoop meets these demands and in so doing is contributing to the maturing of the ecosystem.”

London-based Copper inked a $500 million insurance deal with U.K. insurance giant Aon (AON) in November, arranging cover for half a billion dollars' worth of digital assets kept in cold storage, in one of the biggest such deals in the industry.

BitMart was the victim of a hacking incident in December 2021, leading to $196 million of cryptocurrencies being stolen. The exchange’s CEO said at the time that it would compensate affected users out of its own funds.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Author placeholder image

Will Canny is CoinDesk's finance reporter.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.