Bybit, a major international crypto exchange, has announced a strategic partnership with digital asset custodian Copper. The aim is to reduce the settlement cycle for digital asset trades from four to just two hours through the latest ClearLoop.
Reduced settlement times translate to minimized risk exposure and improved capital efficiency, fortifying overall security, enhanced by Copper’s custody. Two-hour settlements occur 24/7, which fosters operational efficiency.
Eugene Cheung, Head of Institutions at Bybit, highlights the improvement that will allow for transparent and more accurate recordkeeping and a clearer view of institutional balance:
“Bybit is thrilled to be the pioneer partner to leverage Copper’s latest ClearLoop product, achieving a remarkable 50% reduction in settlement times for digital asset transactions and unlocking new yield opportunities for our institutional clients. This game-changing collaboration empowers our clients to trade faster and navigate the digital asset landscape with greater efficiency.”
As reported previously by U.Today, Bybit saw a substantial increase in Bitcoin trading activity. Following the introduction of its spot trading platform in 2022, the exchange’s market share has shown remarkable growth.