Bitget's ClearLoop Integration: Institutional Traders Get Off-Exchange Settlement Solution

<p>The cryptocurrency exchange Bitget announced today
(Friday) that it has integrated Copper's ClearLoop network. This collaboration
introduces off-exchange <a href="https://www.financemagnates.com/terms/s/settlement/">settlement</a> solutions to institutional clients aimed at
enhancing the security of digital assets, mitigating counterparty risks, and
optimizing capital efficiency.</p><p>Bitget's integration
with Copper's ClearLoop reportedly allows clients to securely store their
digital assets in Copper's MPC wallet while facilitating settlements during
their trading activities on Bitget. Through the integration, Bitget aims to
elevate the overall trading experience for institutions, promoting a safer,
more efficient, and adaptable crypto trading landscape.</p><p>Gracy Chen, the Managing
Director of Bitget, said in an email sent to <a href="https://www.financemagnates.com/" target="_blank" rel="follow">Finance Magnates</a>: "Bitget's
dedication to providing top-notch services to different clients is further
exemplified by this integration with Copper. We noticed the growing demand for
enhanced asset security and efficient trading solutions."</p><p>Targeting Institutional
Crypto Trading</p><p>ClearLoop delegates and
trade institutional clients' capital across various ClearLoop-connected
exchanges. This functionality enables cross-exchange trading strategies without
the burden of transfer and withdrawal costs. Besides that, the assets are held
within a dedicated ClearLoop account, governed by English law, reportedly
providing protection from insolvency risks.</p><p>Meanwhile, about a week
ago, the popular cryptocurrency wallet BitKeep <a href="https://www.financemagnates.com/cryptocurrency/from-bitkeep-to-bitget-popular-crypto-wallet-rebrands-launches-swap-offering/" target="_blank">rebranded
itself</a> as Bitget
Wallet. BitKeep embraced this change after being acquired by Bitget. The
rebranding not only brought a new name but introduced services like Bitget Swap
in muti-chain trading.</p><p>Bitget Swap spans a wide
spectrum of trading pairs across 20 different chains and presents diverse
trading nodes, including limit orders and leveraged contracts. This transition
from BitKeep to Bitget wallet was accompanied by the announcement of a Web 3 fund, a <a href="https://www.financemagnates.com/cryptocurrency/bitget-reveals-100m-web3-fund-to-propel-crypto-ecosystem-growth/" target="_blank">USD
$100 million initiative</a> aimed
at bolstering the cryptocurrency sector.</p><p>Bitget Eyes Global
Expansion and Innovation</p><p>In July, Bitget <a href="https://www.financemagnates.com/cryptocurrency/bitget-joins-bybit-and-okx-in-newest-dubai-crypto-push-opens-local-office/" target="_blank">expanded
its global reach</a> by
opening an office in Dubai. According to a statement by the company, this step
positions Bitget to tap into the cryptocurrency boom that the Middle East,
particularly countries like the United Arab Emirates (UAE) and Bahrain, is
witnessing.</p><p>Bitget is not alone in
its pursuit of the crypto market in the Middle East. Other prominent exchanges
like Bybit and OKX have also recognized the potential and established their
foothold in Dubai. Bybit secured a license to operate in digital assets, and
OKX obtained a Minimal Viable Product Preparatory license from the Dubai's Virtual Asset Regulatory Authority (VARA).</p><p>In its recent July 13
announcement, Bitget revealed that its total reserves had exceeded USD $1.44
billion. Additionally, the <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a> revealed that its <a href="https://www.financemagnates.com/cryptocurrency/bitget-shares-proof-of-reserves-launches-merkle-validator/" target="_blank">proof-of-reserves</a> ratio had reached 223%. Bitget's regular
updates on its proof-of-reserves ratio are conducted on a monthly basis.</p>

This article was written by Jared Kirui at www.financemagnates.com.