Dubai-based cryptocurrency exchange Bybit has teamed up with digital asset custody firm Copper to cut the settlement cycle for digital asset trades from four hours to two. This move aims to enhance security, reduce counterparty risks, and improve capital efficiency, according to a Bybit press release.

Bybit’s integration with Copper’s ClearLoop product enables 24/7 settlements every two hours, allowing for continuous trading and settlement services. This collaboration offers institutional clients more accurate record-keeping and a clearer view of their balance on Bybit.

Eugene Cheung, head of Institutions at Bybit, highlights the significance of this partnership, stating, “By leveraging Copper’s ClearLoop product, we achieve a 50 per cent reduction in settlement times for digital asset transactions, unlocking new yield opportunities for our institutional clients.”

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Bybit explains that Copper’s ClearLoop product accelerates settlement times by offering an off-exchange trading and settlement solution. Institutional clients can securely store their digital assets in Copper’s multi-party computation (MPC) wallets, enabling safer trading and settlement across various ClearLoop-connected exchanges.

Europe

Bybit is also expanding its operations in Europe, launching a local trading platform in the Netherlands and adjusting its services to comply with Dutch regulations.