Crypto Exchange PowerTrade Partners With Digital Assets Custodian Copper
PowerTrade, a crypto exchange focused on derivatives, has partnered with London-based custody firm Copper to offer custodial and settlement services for its institutional clients, the company said in a statement Monday.
PowerTrade aims for the partnership – using Copper’s ClearLoop technology – to allow customers to minimize counterparty risk by enabling them to trade on the exchange while maintaining assets off-exchange in independent custody.
“Copper’s ClearLoop brings institutional grade clearing and settlement to PowerTrade in line with TradFi standards”, said Mario Gomez Lozada, founder and CEO of PowerTrade. “Under this model PowerTrade does not custody our client’s assets, which will result in vastly improved controls when it comes to segregation of assets, settlements, and funds management,” he added.
PowerTrade last month said it was rolling out a RFQ model for the options market, to allow it to cater to institutional investors by mirroring a widely used practice in traditional finance.