Qualified cryptocurrency custodian BitGo and Copper, the firm behind the ClearLoop settlement system, are providing off-exchange settlement for traders using options exchange Deribit, the firms said on Thursday.
Clients of BitGo and Copper can now trade spot and derivatives on Deribit while assets are secured off-exchange in qualified custody with BitGo Trust, and automatically settled leveraging Copper ClearLoop and the Go Network, according to a press release.
In a post-FTX world traders are looking to reduce the risks associated with leaving assets on exchanges where possible. BitGo and Copper announced a partnership two years ago to trade on exchanges while assets are held within a regulated custody ring-fenced environment.
A simple function of the combined BitGo and Copper ClearLoop networks is delivery versus payment (DvP), so any BitGo client can instantaneously settle with any other BitGo client in an atomic swap of the assets…
