Matrixport, a provider of cryptocurrency services, has partnered with Copper, a cryptocurrency custodian, to make prime brokerage services more accessible to its clients.
According to a press release, the partnership will see Matrixport incorporate Copper’s ClearLoop to enable off-exchange settlement, advance capital efficiency, and shield clients from exchange counterparty risk.
The press release explains that users can safely shop their assets in Copper’s infrastructure while trading on ClearLoop-affiliated exchanges through Matrixport subaccounts. This procedure encourages capital efficiency while also shielding clients from the risks associated with exchange counterparties.
Dmitry Tokarev, the chief executive officer at Copper, stated that the partnership between Copper and Matrixport reflects their shared commitment to building a more secure, transparent, and accessible financial market infrastructure in the digital asset industry. He added that Copper is implementing a dedicated account structure for ClearLoop to address potential insolvency risks.
Crypto service provider Matrixport completed a $100 million Series C funding round in August 2021, which valued the company at an impressive $1 billion. This funding will enable Matrixport to expand its services and continue to enhance its clients’ access to prime brokerage offerings through its partnership with Copper’s ClearLoop network. With a strong financial foundation, Matrixport is poised for further growth and success in the digital asset industry.
