FTX exchange has partnered with Copper.co ClearLoop settlement trading network and this will give over 300 institutions access to FTX’scryptocurency products.
Over 300 institutions will have access to FTX’s crypto products as a result of the partnership. For over 40 exchanges and 250 digital assets, Copper’s platform provides custody, prime brokerage, and settlement services.
With over 1 million registered customers, including institutional traders and family offices, FTX will be Copper.co ClearLoop’s largest crypto exchange collaboration. In May, FTX made headlines for managing over $600 billion in trade and exchange.
The FTX relationship will benefit Copper. co institutions because they now have a conduit to trade FTX crypto products in the form of futures, options, and tokenized equities while their assets are safe in Copper. co ClearLoop’s custody.
FTX’s Partnership Expansion Continues
Institutions have been requesting custodian services before getting involved in bitcoin trade and exchange, according to FTX’s founder and CEO, Sam Bankman-Fried.
However, he also stated that these organizations’ attitudes about crypto are unknown and that keeping crypto assets under custodian protection may only be a backup plan.
Nonetheless, it is a significant step toward making the cryptocurrency industry more regulated and integrated into everyday life.
“Using a custodian is something we’ve been hearing again and again…A lot of people are going to want to use some sort of custodial network…I don’t think anyone knows for sure what is going to end up mattering the most for institutions.”, Sam Bankman-Fried, FTX’s founder and chief executive officer, told Bloomberg.
Institutional adoption is critical to the widespread acceptance of cryptocurrencies. Business moguls such as Paul Tudor Jones, Stan Druckenmiller, Bill Miller, and Anthony Scaramucci have been seen investing in crypto.
Institutional giants, on the other hand, stay away from the crypto market due to its volatile nature and increased danger of security breaches.
The alliance between FTX and Copper has the potential to change the face of this previous problem, resulting in a significant institutional shift towards the crypto market.
“Our clients are some of the largest hedge funds in the world…For these guys, this is the Holy Grail.”, founder and CEO of Copper, Dmitry Tokarev told Bloomberg.