In order to join the ClearLoop Network, Huobi Global has signed a Memorandum of Understanding (MOU) with Copper.
As long as their assets are kept under Copper’s safe custody, the integration will allow the institutional clients of both companies to allocate capital for trading on Huobi.
According to CoinMarketCap, Huobi, the 13th-largest digital asset trading platform globally, has struck an agreement with Copper, a supplier of cryptocurrency custody and trading solutions intended to lower counterparty risks.
As a result, the trading exchange will be allowed to join Copper’s ClearLoop Network. Without requiring on-chain transactions, this method enables smooth fund delegation to centralized exchanges.
Dmitry Tokarev, the CEO of Copper, commented on the collaboration and emphasized the necessity for digital asset custody platforms to work with exchanges to efficiently address counterparty risks and other issues. He added.
“The growing number of exchanges joining ClearLoop is a testament to the willingness to solve these issues together,”
Bybit used Copper’s ClearLoop solution in January, according to a report from crypto.news, to secure custodial services for institutional investors. Reports that Huobi and Justin Sun’s Poloniex had combined under the former’s moniker surfaced earlier this month.
The exchange intends to work with more industry players towards diverse models of compliant, regulated and licensed operations and establish itself as leading global gateway to web3.
