BitGo and Copper Combine In-Custody Settlement Networks for Secure Crypto Trading

According to CoinDesk, cryptocurrency safekeeping firms BitGo and Copper are merging their in-custody settlement networks, allowing users to trade on major exchanges without their assets leaving cold storage. The integration of BitGo's Go Network with Copper's ClearLoop system will provide access to exchanges such as Bybit, OKX, Powertrade, Bitget, Gate.io, Deribit, BIT, Bitfinex, and Bitstamp. The collaboration aims to create an institutional-grade product with real market scale, rather than waiting for traditional financial institutions to build out custody and connectivity infrastructure.Consolidation in the custody sector for off-exchange crypto trading directly from cold storage is a logical move, particularly after the collapse of firms like FTX. The combination of scale, network effect, and regulated custody has been lacking. The partnership is a good fit for both companies, with BitGo recently acquiring a crypto custody license from German financial regulator BaFin, and Copper focusing on its ClearLoop settlement network after closing its enterprise custody business earlier this year. The expansion of the off-exchange settlement networks is currently aimed at non-U.S. users, but plans are in place to roll it out in the U.S., according to Matthew Ballensweig, who leads BitGo's Go Network.