The partnership enables BitMart's institutional clients to trade on its exchange while maintaining full control of their funds using cutting-edge MPC-based co-managed custody.
SINGAPORE, Feb. 9, 2023 /PRNewswire/ -- Cobo announced today that BitMart, the premium global digital asset trading platform, will be joining Cobo's SuperLoop, an off-exchange custodian and settlement network, ahead of its official launch. This partnership will enable BitMart's institutional clients to trade on its exchange while maintaining full control of their funds using cutting-edge MPC-based co-managed custody.
SuperLoop, an off-exchange custodian and settlement network, enables the separation of trading from clearing, settlement and custody, in line with TradFi standards. SuperLoop mitigates counterparty risk and ensures the safety of clients' assets by allowing asset managers to trade directly on exchanges while maintaining their assets off-exchange under Cobo's secure custody.
Cobo's SuperLoop is an upgrade of the Loop Network, which was launched in 2019 to provide off-exchange clearing and settlement. The partnership will allow BitMart's institutional clients to leverage cutting-edge Multi-Party Computation (MPC) technologies to secure their digital assets by implementing a Threshold Signature Scheme (TSS), where Cobo and the clients hold separate private key shares and jointly sign transactions without ever exposing their shares to each other or reproducing the private key in full.
"The security of clients' assets is always our top priority at BitMart," said Victor Wei, Vice-President of Institutional Clients at BitMart. "By joining the Cobo SuperLoop network, we believe it will further enhance the security of our clients' funds through third-party custodians and raise the industry standard to a higher level," he added.
"The separation of trading, clearing, and settlement functions is a long-standing model in traditional finance. We are glad to collaborate with BitMart to introduce the Cobo SuperLoop network, and we are looking forward to having more exchanges and asset managers join us soon, to restore the trust among market participants and enhance the overall integrity of the crypto ecosystem," said Serena Yu, Vice President of Business Development at Cobo.
About BitMart
BitMart is the premier global digital asset trading platform. With millions of users worldwide and ranked among the top crypto exchanges on CoinGecko, it currently offers 1,000+ trading pairs with competitive trading fees. Constantly evolving and growing, BitMart is interested in crypto's potential to drive innovation and promote financial inclusion. To learn more about BitMart, visit their website, follow their Twitter, or join their Telegram for updates, news, and promotions. Be sure to download the BitMart App to easily trade your favourite crypto anytime, anywhere.
About Cobo
Cobo is a leading global digital asset custody solutions provider. Founded in 2017 and headquartered in Singapore, Cobo is one of the largest digital asset custodians globally, trusted by over 500 institutional clients across Asia, Europe, the Middle East, and North and South America, with billions of dollars in assets under custody. Cobo is SOC 2 Type 1-compliance certified and licensed in the US, Hong Kong, Lithuania and Dubai (provisional approval for Virtual Asset License), and is in the midst of obtaining licenses in Singapore. For more information, please visit https://www.cobo.com/.
