Crypto exchange Kraken adds support for Copper's ClearLoop

Crypto exchange Kraken added support for Copper’s ClearLoop, enabling institutional clients to settle their trades on Copper’s infrastructure instead of the exchange itself.

ClearLoop enables such traders to trade virtual balances on exchanges, while the actual settlement takes place on its own network. This means that these traders have their token balances secured by Copper, as opposed to having them stored on exchanges.

The goal is to avoid the risk of having the funds stolen, as many crypto exchanges have been hacked over the years.

“For the past few years, volumes in crypto derivatives have regularly exceeded those  seen in the spot market and institutions are driving most of this new activity," said Kraken MTF CEO Mark Jennings, in a statement. "Key infrastructure developments, like the Kraken MTF integration with ClearLoop, will form the baseline as institutional engagement  in this asset-class continues to increase.” 

ClearLoop is currently integrated with OKX, Bybit, Deribit, BIT, Gate.io, Bitfinex, Bitget, and PowerTrade. It plans to expand to Bitstamp and Bitmart in the near future.