Unified Crypto Custody Settlement Network: BitGo Joins Forces with Copper

BitGo and Copper have come together to revolutionize the landscape of cryptocurrency custody and trading. Their innovative collaboration involves the integration of BitGo's Go Network and Copper's ClearLoop system, creating a seamless and highly secure ecosystem. This has the potential to redefine how traders interact with major cryptocurrency exchanges. The partnership marks a significant milestone in the ongoing development of digital asset management, addressing the need for efficiency, security, and scalability in the ever-expanding crypto market.

The merger of BitGo's cold storage settlement system and Copper's ClearLoop extends its reach to some of the most prominent global cryptocurrency exchanges. This integration allows users to access exchanges like Bybit, OKX, Powertrade, Bitget, Gate.io, Deribit, BIT, Bitfinex, and Bitstamp without having to move their assets from cold storage. As a result, this integration streamlines the trading process while reducing the risks associated with transferring assets between different exchanges.

Matthew Ballensweig, the leader of BitGo's Go Network, emphasized the strategic importance of this groundbreaking partnership. He stated, 

"We asked ourselves: Should we compete with traditional finance? Can the crypto community come together to create a truly institutional-grade product with genuine market reach, rather than waiting for institutions like Goldman or Fidelity to build the custody and connectivity infrastructure needed for the next wave of capital entering this space?"

Essentially, this collaboration aims to accelerate the growth and maturity of the cryptocurrency industry, offering institutional-grade solutions and widespread market access.

The consolidation of custody services is a natural progression, especially given the challenges faced by firms like FTX. The collaboration between BitGo and Copper is well-equipped to bridge this gap, providing not only secure custody but also a network effect that can propel cryptocurrencies to the forefront of institutional investment. With BitGo's custodial expertise in the United States and Copper's established ClearLoop settlement network, this partnership assumes a powerful role within the digital asset industry.

Initially, this joint effort primarily targets non-U.S. users. However, there are already plans in motion to expand its reach to the U.S. market. As Ballensweig outlined, 

"As we incorporate U.S. exchanges – for example, we are in discussions with Bitstamp and numerous other U.S.-based exchanges – our strategy is to integrate these exchanges. This involves two distinct approaches: one serving offshore markets through Copper's ClearLoop API, connecting to non-U.S. exchanges, and another integrated with BitGo, directly accessing U.S. exchanges."

 This expansion aims to provide a comprehensive solution for both U.S. and international users, reinforcing the commitment to delivering institutional-quality crypto services.

In summary, the partnership between BitGo and Copper marks a significant leap forward for the cryptocurrency industry. By combining the strengths of their respective platforms, these companies are leading the way in digital asset custody and trading. The expanded off-exchange settlement networks offer increased security, efficiency, and scalability, making it easier for institutional players to enter the cryptocurrency space. With the combined expertise and resources of BitGo and Copper, the future of cryptocurrency trading looks increasingly promising and robust.

Read More: FTX Transfers $19M in Solana and Ether from Cold Wallets to Exchanges