- World's longest-running crypto exchange Bitstamp announces partnership with digital asset custody provider Copper, chaired by former UK Chancellor Lord Phillip Hammond.
- The partnership will see Bitstamp integrate with Copper's ClearLoop network — giving institutions access to off-exchange settlement and market-first trust documentation — built to mitigate exchange counterparty and insolvency risks.
- Crypto trading firms, such as market maker GSR, and institutional clients are increasingly looking for gold standard 'off-exchange' settlement provided by ClearLoop to improve counterparty risk management.
LONDON, April 26, 2023 /PRNewswire/ -- The world's longest-running cryptocurrency exchange Bitstamp today announced an extended partnership with Copper, the institutional gateway for digital asset investment, to integrate with its ClearLoop network. The partnership will give institutions access to off-exchange settlement and market-first trust documentation — built to mitigate exchange counterparty and insolvency risks.
The 'off-exchange' settlement network will now enable institutional clients to trade with Bitstamp without needing to move assets from Copper's custodial environment.
Bitstamp has partnered with Copper since 2021 as part of its set-up to secure digital assets across multiple 3rd party custodians. Joining the ClearLoop network will represent a significant step for both companies, as market infrastructure providers will collaborate to serve a heightened focus on counterparty risk management in the wake of recent market events.
The partnership further demonstrates Bitstamp's commitment to its customers, that it is placing a premium on asset security. As market infrastructure matures, Bitstamp will continue to expand its offering, to provide customers with safeguarding options through the integration with off-exchange solutions like Copper's ClearLoop.
The announcement comes just one week after Bitstamp retained its position as the Number 1 rated centralised exchange on CCData's (formerly CryptoCompare) Exchange Benchmark, which is a cornerstone of the industry. Bitstamp also maintained the only AA rating.
The Bitstamp group has so far secured 51 licenses and registrations globally, making it one of the most secure and compliant trading venues on the market.
Jean-Baptiste Graftieaux, Global CEO of Bitstamp, said:
"We're very pleased to be deepening our partnership with Copper by joining the ClearLoop network. This move speaks to our focus on delivering for our institutional clients as well as our confidence in the robust architecture provided by Copper.
"We already know that institutional clients come to us because of our extremely strong record on compliance and regulation, but we know that the optionality we provide means we confidently deliver the risk management solutions they require.
"The combination of our compliance heritage, continually expanding global licensing credentials and work with our off-exchange settlement network and banking partners means we provide a unique level of security and choice to meet the evolving needs of institutions seeking to trade in crypto."
Dmitry Tokarev, CEO of Copper said:
"Allowing clients to trade on exchanges direct from Copper custody is an important step in institutionalizing the digital asset markets. More than ever, it's essential that custodians and exchanges work together to effectively address primary risks such as exchange-counterparty risk. We're thrilled to partner with Bitstamp, to bring off-exchange settlement to their institutional clients while furthering our shared commitment to asset security, and setting higher standards for the crypto industry."
Josh Gibson, Global Head of Exchanges at GSR on ClearLoop:
"The ClearLoop solution is an example of maturing crypto market infrastructure that addresses issues of counterparty risk and improves operational efficiency. We are excited to see these continued developments as more institutional players enter the digital asset space."
Interviews and comments are available on request, please contact Deborah Tan-Pink at press@bitstamp.net.
About Bitstamp
Bitstamp is the world's original and longest-running cryptocurrency exchange, supporting investors, traders and leading financial institutions since 2011. With a proven track record, cutting-edge market infrastructure and dedication to personal service with a human touch, Bitstamp's secure and reliable trading venue is trusted by over four million customers worldwide. Whether it's through its intuitive web platform and mobile app or industry-leading APIs, Bitstamp is where crypto enters finance. For more information, visit www.bitstamp.net
About Copper
Since being founded in 2018, Copper has been setting the standard for institutional digital assets by offering custody, collateral management and settlement solutions of digital assets. Underpinned by multi-award-winning technology, Copper has built the comprehensive and secure products and services required to safely custody and trade cryptocurrencies and other digital assets such as tokens and stablecoins. At the core of Copper's infrastructure is ClearLoop, which enables clients to trade and settle in near real-time across multiple exchanges, while mitigating counterparty risk and increasing capital efficiency. Copper is SOC2 Type 2 certified and licensed in Switzerland.
About GSR
GSR has ten years of deep crypto market expertise as a market maker, asset manager and active, multi-stage investor. GSR sources and provides spot and non-linear liquidity in digital assets for token issuers, institutional investors, miners, and leading cryptocurrency exchanges.
