Crypto Custodian Copper Partners With OKX to Provide Off-Exchange Settlements

Crypto exchange OKX is joining Copper’s ClearLoop platform, allowing institutional clients of both companies to keep assets within the custody firm’s infrastructure while delegating them to trade on the exchange’s platform, according to a statement Monday.

The collaboration is useful for digital asset traders looking for alternative ways to hold assets while providing immediate access to OKX’s liquid markets and trading tools, Copper said.

“The continual inflow of institutional volume to Copper’s ClearLoop demonstrates the industry’s drive to meet high standards for asset security and trading,” Copper CEO Dmitry Tokarev said in the statement. “OKX is an essential trading venue for institutional investors, who will now be able to manage their assets efficiently thanks to the ClearLoop integration,” he added.

In January, rival exchange BitMart also said it was using Copper to provide clients with off-exchange settlement.

Copper said last month that up to 15% of its staff faced layoffs as it streamlines its business amid tough market conditions.

Read more: Copper to Lay Off Up to 15% of Staff, Focus on Crypto Custody, Settlement