FTX Crypto Exchange Joined ClearLoop To Unable 300 Institutional Assets Managers To Use Offerings
FTX cryptocurrency exchange confirmed their partnership with Copper through the ClearLoop program. This partnership will enable 300 institutions to trade in crypto assets with instant settlement.
FTX is a crypto exchange with 1 million users & $600 billion dollars trade per month, which is a huge activity for a crypto exchange.
FTX announced their deal with Copper. This deal will allow 300 institutional asset managers of Copper’s to use FTX crypto exchange’s services.
According to Copper’s announcement on 13 July, Copper has a partnership with Deribit and Bitfinex exchange already through the ClearLoop program. Now this partnership with FTX will allow their instructions to move funds from one exchange to another exchange that will increase opportunities for them to manage funds easily.
ClearLoop is an offline custody solution for secure crypto trading. Which lowers the counterparty risk. To understand ClearLoop working procedure, we can compare its P2P trading facility at crypto exchange which allows users to buy & sell assets in offline mode and exchange helps users for secure trade. Similarly ClearLoop is a medium between Exchange & Financial institutions.
Copper is working to create a better ecosystem for their financial institutions. In the mid of 2020, Copper integrated their services with “Signet”. Signet is a platform which enables two parties to convert U.S dollars into fiat instantly and it is a blockchain based platform created by Signature Bank.
Sam Bankman-Fried, CEO of FTX exchange, said Custody is a key factor in those services which are not directly involved in crypto on a single platform. Here ClearLoop will work perfectly.
“The collaboration with Copper will help FTX “stay ahead of the pack.”
Sam Bankman-Fried
In the very starting, Copper’s institutions were not involved in the cryptocurrency but they saw the people’s interest in crypto and then decided to get involved in crypto in mid of 2020.
Read also: Earn Digital Currency In Exchange Of Human Waste In South Korean Science Institute Building
