Copper Unveils OTC Trade Transformation with Custodian-Agnostic Settlement Network

The crypto custody and trading solutions company, Copper, has launched the market's first custodian-agnostic, scalable, and private digital asset settlement network. With over 600 live participants, this network enables institutional clients to settle Over-the-Counter (OTC) trades with all their institutional counterparts, irrespective of where they custody their assets.

Copper's OTC Settlement Network for Institutional Clients

Traditionally, market participants relied on various messaging applications and self-custody transfer solutions, leading to operational risks and challenges in scaling efficiently. The Copper Network aims to streamline post-trade communications and workflows into a single settlement solution, mitigating risks and operational inefficiencies faced by firms settling OTC trades.

Shane O'Callaghan, the Global Head of Business Development at Portofino, highlighted the transformative potential of the Copper Network, allowing secure and efficient settlement with their entire client base via a single, custodian-agnostic settlement network.

Through the Copper Network, participants can create private settlement networks, unify post-trade communications, leverage multiple settlement options, and enhance market visibility.

“Copper Network is a significant milestone as we continue our mission to become the primary gateway to digital assets for institutional investors. We’re developing the ecosystem’s first custodian agnostic settlement network providing market participants with the much needed secure, efficient settlement rails required to continue scaling their businesses”, Dmitry Tokarev, the Founder and CEO of Copper, said.

Copper's MPC custody has long provided a secure foundation for managing assets. The introduction of the Copper Network enhances its suite of solutions, expanding options for trade execution and settlement.

As a new liquidity hub for institutional clients, Copper's OTC settlement network and ClearLoop provide access to liquidity from prominent exchanges and OTC desks in the ecosystem. Stef Wynendaele, the VP of Market Making at Keyrock, emphasized the benefits of connecting to the Copper Network, offering clients additional settlement methods for operational efficiency and security.

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Smart Contracts and Tokenized Assets for Institutional Investors

Earlier, Finance Magnates reported that Copper, led by the former UK Chancellor, Phillip Hammond, has expanded its services to include securities, targeting institutional investors by offering smart contracts and tokenized assets in traditional financial markets. This expansion has responded to the increasing interest from institutions and tech giants in digital assets.

Copper Securities will initially provide custody and execution services, with plans to add payment applications and securities financing within a year. Hammond, who joined as Chairman in 2023, emphasized the need for the UK Financial Services sector to embrace Distributed Ledger Technology. This expansion followed Copper's collaboration with Bitget and the termination of its partnership with State Street in the previous year.