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.
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, 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.
Dmitry Tokarev, Founder and CEO, Copper, Source: LinkedIn
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”, said Dmitry Tokarev, Founder and CEO of
Copper.
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, 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.
🚨 LATEST: Copper launches a cutting-edge settlement network for institutional #crypto traders, propelling digital asset exchange into a new realm of possibilities. Will regulators rise to the challenge of overseeing this innovative landscape? #Blockchain #InstitutionalInvestment
— Bywire News (@bywirenews) December 14, 2023
Smart
Contracts and Tokenized Assets for Institutional Investors
Earlier, Finance Magnates reported that Copper,
led by 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. The move 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.
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.
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, 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.
Dmitry Tokarev, Founder and CEO, Copper, Source: LinkedIn
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”, said Dmitry Tokarev, Founder and CEO of
Copper.
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, 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.
🚨 LATEST: Copper launches a cutting-edge settlement network for institutional #crypto traders, propelling digital asset exchange into a new realm of possibilities. Will regulators rise to the challenge of overseeing this innovative landscape? #Blockchain #InstitutionalInvestment
— Bywire News (@bywirenews) December 14, 2023
Smart
Contracts and Tokenized Assets for Institutional Investors
Earlier, Finance Magnates reported that Copper,
led by 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. The move 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.
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- Source: https://www.financemagnates.com//cryptocurrency/copper-unveils-otc-trade-transformation-with-custodian-agnostic-settlement-network/
