Popular crypto exchange, Bybit has collaborated with Copper for the usage of its ClearLoop network. In a Tuesday Twitter post, the exchange confirmed the development, describing the firm as one that offers clients off-exchange settlement. Occasioned by the partnership, Bybit aims to leverage ClearLoop in allowing its users to trade and settle off-chain with immediate effect.
It is noteworthy that Copper has, over the years, been committed to mitigating every form of exchange counterparty risk. More so, the network also avails appropriate tools for capital efficiency management. By integrating Bybit, the firm aims to foster users’ experience amid the volatility of the crypto market.
Meanwhile, Bybit is not the only exchange that is running on the ClearLoop network. Due to its remarkable architecture, the technology has witnessed the patronage of other leading industry-based exchanges. Certainly, Copper through its ClearLoop tech seeks to foster the pillars of good governance through its transparency, accountability, and many more.
Bybit seeks to foster efficient trading infrastructure for its institutional players
According to Bybit, its decision to integrate ClearLoop further demonstrates its commitment to availing trading infrastructure that complements the evolving demands by big institutional players. The exchange wants community members to measure its performance through its ability to empower traders with good execution practices. Meanwhile, Bybit believes its collaboration with Copper will further enhance its security. This is because the network avails appropriate set of tools, including ClearLoop tech, enveloped with an established cleartrust structure under the English law.
Ben Zhou, the CEO of Bybit gave some insights into the partnership. According to Zhou, Bybit aims to foster maximum trust and flexibility for its clients in a bid to meet their expectations. He described the collaboration with Copper as a part of its commitment to achieving such ambition. Also, the CEO added that Bybit looks to continuously listen to its customers, improve its services and engage in strategic collaborations to achieve excellence and commitment.
CEO of Copper, Dmitry Tokarev also reacted to the collaboration. Tokarev reflected on how recent events show the need for the crypto market structure to evolve. He advocated for actors in the industry to mirror traditional finance by engaging in off-exchange settlements. Reacting to the partnership with Bybit, he said the development signifies Copper’s commitment to asset security, remarkable user experience, and higher standards for the crypto industry.