Crypto asset (virtual currency) exchange BitMart plans to offer off-exchange payments to institutional clients by partnering with custodian Copper, Jan. 18. said in a statement.
Bitmart will join Copper’s ClearLoop Network after completing the contract and technology integration.
This will allow institutional investors to trade on Bitmart while keeping their digital assets under Copper’s control.
Copper’s Clearloop Network connects multiple exchanges into one secure trading loop for real-time payments.
The demise of FTX has put more emphasis on the use of regulated custodians, and the custody revenue opportunity could reach $8 billion by 2033, according to Investor. Bernstein, the company, said in a Jan. 17 research report.
Victor Wei, Vice President of Institutional Investors at BitMart, said: “Institutional investors are looking for ways to optimize their trading, placing the protection of their assets above all else in their cryptocurrency investments. Clearloop meets these demands and contributes to the maturity of the ecosystem.”
London-based Copper signed a $500 million policy deal with British insurance giant Aon in November, with $500 million in cold storage. Protect your digital assets. This is the largest contract in the industry.
Bitmart was hacked in December 2021 and crypto assets worth $196 million (approximately 22 billion yen at the rate at the time) were stolen. Bitmart’s CEO said at the time that it would compensate affected users out of its own funds.
｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Original: Crypto Exchange BitMart to Join Custodian Copper’s ClearLoop Network