Bitget's ClearLoop Integration: Institutional Traders Get Off-Exchange Settlement Solution

The cryptocurrency exchange, Bitget announced today (Friday) that it has integrated Copper's ClearLoop network. This collaboration introduces off-exchange settlement solutions to institutional clients aimed at enhancing the security of digital assets, mitigating counterparty risks, and optimizing capital efficiency.

Bitget's integration with Copper's ClearLoop reportedly allows clients to securely store their digital assets in Copper's MPC wallet while facilitating settlements during their trading activities on Bitget. Through the integration, Bitget aims to elevate the overall trading experience for institutions, promoting a safer, more efficient, and adaptable crypto trading landscape.

Gracy Chen, the Managing Director of Bitget, said in an email sent to Finance Magnates: "Bitget's dedication to providing top-notch services to different clients is further exemplified by this integration with Copper. We noticed the growing demand for enhanced asset security and efficient trading solutions."

Targeting Institutional Crypto Trading

ClearLoop delegates and trade institutional clients' capital across various ClearLoop-connected exchanges. This functionality enables cross-exchange trading strategies without the burden of transfer and withdrawal costs. Besides that, the assets are held within a dedicated ClearLoop account, governed by English law, reportedly providing protection from insolvency risks.

Meanwhile, about a week ago, the popular cryptocurrency wallet BitKeep rebranded itself as Bitget Wallet. BitKeep embraced this change after being acquired by Bitget. The rebranding not only brought a new name but introduced services like Bitget Swap for muti-chain trading.

Bitget Swap spans a wide spectrum of trading pairs across 20 different chains and presents diverse trading nodes, including limit orders and leveraged contracts. This transition from BitKeep to Bitget wallet was accompanied by the announcement of a Web 3 fund, which is a USD $100 million initiative aimed at bolstering the cryptocurrency sector.

Bitget Eyes Global Expansion and Innovation

In July, Bitget expanded its global reach by opening an office in Dubai. According to a statement by the company, this step positions Bitget to tap into the cryptocurrency boom that the Middle East, particularly countries like the United Arab Emirates (UAE) and Bahrain, is witnessing.

Bitget is not alone in its pursuit of the crypto market in the Middle East. Other prominent exchanges like Bybit and OKX have recognized the potential and established their foothold in Dubai. Bybit secured a license to operate in digital assets, and OKX obtained a Minimal Viable Product Preparatory license from Dubai's Virtual Asset Regulatory Authority (VARA).

In its recent announcement on July 13, Bitget revealed that its total reserves had exceeded USD $1.44 billion. Additionally, the exchange revealed that its proof-of-reserves ratio had reached 223%. Bitget's regular updates on its proof-of-reserves ratio are conducted on a monthly basis.