Bybit Collaborates with Copper.co to Push Crypto Custody

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Singapore-based cryptocurrency exchange Bybit partners with Copper.co to offer cryptocurrency custody services to institutional clients.

Bybit plans to make the infrastructure enabling digital wallet custody services available to its institutional clients before the end of Q1 2023. The agreement with Copper allows Bybit’s clients to deploy capital and trade immediately, while keeping their assets off-exchange. The infrastructure reduces counterparty risk allowing investment managers to trade through a dedicated, whitelisted custodian.

Coppers ClearLoop technology also enables Bybit customers to increase allocations, mitigate counterparty risk and optimize capital efficiency. To move digital assets out of a Copper wallet, the system requires multiple private key holders to approve transactions, removing the inherent risk associated with key creation and management. The risks have been demonstrated in the recent past as many crypto wallets and exchanges have been hacked and customer data has been compromised.

Our goal is to ensure maximum confidence and flexibility for our clients, and to provide the assurance that 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, improve our services and our partnerships to deliver even higher levels of excellence and commitment.” said Ben Zhou, co-founder and CEO of Bybit. .

Dmitry Tokarev, CEO of Copper, added: “Recent events demonstrate that the structure of the crypto market needs to evolve to reflect traditional finance and a key part of this is off-exchange settlement. We are delighted to partner with Bybit, who share our commitment to asset security, user experience, and setting higher standards for the crypto industry to reach its full growth potential.

The Coppers solution is particularly aimed at investors who want exposure to the digital asset without necessarily wanting to be fully exposed to the associated risks, such as hacking attacks or access key management.

One of the unique aspects of Coppers’ business is its method of transferring digital assets between cold storage accounts and exchange accounts. More than 500 institutions, including State Street Corp. Boston-based already curate their cryptoassets with London-based Copper.co, which supports around 450 different tokens.

Bybit said its alliance with Copper.co anticipates growing demand for a variety of asset safekeeping options and custodial services to satisfy an increasingly discerning customer base, and signals renewed interest for individuals. wealthy and institutional clients.

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