Cryptocurrency exchange Kraken has added support for Copper’s ClearLoop, allowing institutional clients to settle trades on Copper’s infrastructure rather than on the exchange itself.
ClearLoop allows these traders to trade virtual balances on exchanges, with real payments taking place on their own network. This means that these traders secure their token balances in copper rather than storing them on exchanges.
The goal is to avoid the risk of your funds being stolen, as many cryptocurrency exchanges have been hacked over the years.
“Over the past few years, trading volume in cryptocurrency derivatives has regularly exceeded that in the spot market, and institutions are driving much of this new activity,” Kraken MTF CEO Mark Jennings said in a statement. “ClearLoop’s integration with major infrastructure developing MTFs like Kraken will form the baseline as institutional participation in this asset class continues to grow.”
ClearLoop is currently integrated with OKX, Bybit, Deribit, BIT, Gate.io, Bitfinex, Bitget, and PowerTrade. We plan to expand to Bitstamp and Bitmart in the near future.
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Tim is the editor-in-chief of The Block. Before joining The Block, Tim worked as a news editor at Decrypt. He holds a BA in Philosophy from York University and studied News Journalism at Press Association Training. X Follow him at @Timccopeland.