British Virgin Islands, 23 March 2021
Bitfinex, a state-of-the-art digital token trading platform, and Copper, a London-based digital asset infrastructure provider (through third party banking partners), have announced the integration of ClearLoop, Copper’s instant off-exchange settlement and clearing network.
Copper’s segregated custodian account provides institutional grade custody thereby mitigating counterparty risk and reducing deposit and withdrawal waiting time. The solution removes the need for institutional customers to move digital tokens from a secure cold wallet into an exchange's hot wallet, a process that can often take between ten minutes to one hour. These delays are exacerbated when factoring in withdrawals and post-trade settlement. ClearLoop has the stated aim of eliminating these outdated processes by enabling off-exchange settlement that it says can be delivered in less than one second.
Bitfinex’s integration of ClearLoop* will facilitate the full spectrum of trading strategies among its growing number of customers from the institutional space. As a cryptocurrency exchange offering capital markets grade trading infrastructure, Bitfinex is at the forefront of offering state-of-the-art services such as the provision of algorithmic trading.
“Our platform’s relationship with Copper is driving uptake of digital token trading among hedge fund and asset managers worldwide, transforming how institutional customers engage with digital tokens, by providing market-leading custody and trading solutions,” said Paolo Ardoino, CTO at Bitfinex.
“We are proud to have Bitfinex as a key partner in ClearLoop, Copper’s instant off-exchange settlement and clearing network,” said Alex Ryvkin, CPO at Copper. “As the efficiency of crypto markets improves and regulatory standards evolve, the institutional investment space gets more and more competitive. To keep winning, asset managers will have to prioritise infrastructure that is able to facilitate the full spectrum of traditional strategies, and beyond, alleviating some of the most common risks associated with the crypto space.”
Copper aims to bridge the gap between conventional financial markets and digital token infrastructure. Copper caters to the needs of some of the most sophisticated institutions in the world that are now entering the space, according to Ryvkin.
While offering exchange connectivity via clunky web servers is still commonplace in the nascent crypto space, Bitfinex has collaborated with Zug-based infrastructure provider Market Synergy to offer institutional standard cryptocurrency connectivity. High Frequency Trading (HFT) firms seeking exposure to crypto can obtain connectivity via a FIX feed or ISP link to Bitfinex’s digital asset gateway.
Bitfinex is leveraging its position as one-stop shop for crypto trading offering a variety of services, including margin trading with up to 5x leverage and derivatives products including a perpetual swap contract offering 100x leverage.
Founded in 2012, Bitfinex is a digital token trading platform offering state-of-the-art services for traders and global liquidity providers. In addition to a suite of advanced trading features and charting tools, Bitfinex provides access to peer-to-peer financing, an OTC market and margin trading for a wide selection of digital tokens. Bitfinex's strategy focuses on providing unparalleled support, tools, and innovation for experienced traders and liquidity providers around the world. Visit www.bitfinex.com to learn more.
Media Contact for Bitfinex Joe Morgan | Senior PR Manager | email@example.com
Founded in 2018 by Dmitry Tokarev, Copper provides a gateway into the cryptoasset space for institutional investors by offering custody, prime services, and settlements across 150 digital assets and more than 25 exchanges. It is committed to providing flexible solutions for institutional investors that can adapt to the changing cryptoasset space, while enabling far greater transparency and control for asset managers.
Copper’s fully integrated products are unique in the cryptoasset space. Underpinned by multi-award-winning custody, Copper has built the comprehensive and secure suite of tools and services required to safely acquire, trade, and store cryptocurrencies, including access to margin lending trading facilities and the DeFi space.
At the core of Copper’s infrastructure is ClearLoop, a framework that connects the universe of exchanges in one secure trading loop — with real-time settlement across the Networks. Integrated with market leading spot and derivative crypto exchanges, ClearLoop has already transformed the way in which institutional investors can engage in the cryptoasset space since launching in May 2020.
*Please note that the ‘trust structure’ and its related collateral arrangements do not currently apply to Bitfinex.
Our settlements and clearing service is backed by our award winning custody technology
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