Matrixport has entered into an agreement with Copper's ClearLoop to provide over-the-counter settlements to institutional clients. According to a statement, the cryptocurrency provider is joining forces with the digital currency storage service in a bid to expand its product range and protect its own services.
Company representatives said that they have been discussing cooperation and integration with ClearLoop for a long time. They claim that recently there has been a rapid growth in demand for over-the-counter settlements among institutional investors. The network from Copper allows investors to hold digital assets until the transaction is completed, combining multiple exchanges into one secure trading cycle.
Copper's infrastructure will allow users to keep their cryptocurrency safe while trading on exchanges connected to ClearLoop via Matrixport sub-accounts. An official statement says that the process will not only protect clients from the potential counterparty risks associated with centralised exchanges, but will also improve capital growth efficiency.
Dmitry Tokarev, CEO of Copper, stressed that the partnership reflects the company's commitment to building a more reliable, open and accessible financial system in the digital asset industry.
"Our team has developed a special account structure for ClearLoop to prevent insolvency risks," he added.
In August 2021, Matrixport completed a Series C financing round that raised $100 million and was valued at $1 billion.
