Crypto custody company Copper on Thursday launched a new settlement network for institutional clients involved in trading and holding digital assets.
Called the Copper Network, the platform is custodian-agnostic, scalable and private, and a platform that the crypto custodian company says is “an industry first.”
The digital asset firm added that the new network will give a growing number of institutional clients the ability to settle their OTC trades with all their counterparties, regardless of where they keep their assets.
A gateway to institutional financing
Copper founder and CEO Dmitry Tokarev said the new platform will enable the company to continue its ambition to become the leading gateway to digital assets for institutional investors.
“We have developed the ecosystem’s first agnostic settlement network that provides market participants with the much-needed secure, efficient settlement rails needed to continue scaling their businesses,” Tokarev told The Block.
Copper explained the benefits of the new network, stating that it will unify post-trade communications and workflows into a single settlement solution. This is an upgrade from the basic transmission networks currently used by most market participants.
“The Copper Network, because it is custodian agnostic, gives us the ability to securely and efficiently settle our entire customer base through a single settlement network that will prove transformational as our OTC business continues to grow in 2024,” said Portofino Global Head or Business Development Shane O’Callaghan said.
The news comes after Copper announced the launch of a digital asset brokerage platform for institutional trading in the United Arab Emirates in November.