Crypto exchange Kraken adds support for Copper's ClearLoop
Quick Take
- Crypto exchange Kraken integrated Copper’s ClearLoop, letting institutional customers settle their trades off the exchange.
Crypto exchange Kraken added support for Copper’s ClearLoop, enabling institutional clients to settle their trades on Copper’s infrastructure instead of the exchange itself.
ClearLoop enables such traders to trade virtual balances on exchanges, while the actual settlement takes place on its own network. This means that these traders have their token balances secured by Copper, as opposed to having them stored on exchanges.
The goal is to avoid the risk of having the funds stolen, as many crypto exchanges have been hacked over the years.
“For the past few years, volumes in crypto derivatives have regularly exceeded those seen in the spot market and institutions are driving most of this new activity," said Kraken MTF CEO Mark Jennings, in a statement. "Key infrastructure developments, like the Kraken MTF integration with ClearLoop, will form the baseline as institutional engagement in this asset-class continues to increase.”
ClearLoop is currently integrated with OKX, Bybit, Deribit, BIT, Gate.io, Bitfinex, Bitget, and PowerTrade. It plans to expand to Bitstamp and Bitmart in the near future.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
