Bybit Teams Up with Copper to Reduce Settlement Cycle with Lightning-fast 2-Hour Settlements for Digital Asset Transactions

DUBAI, UAE, June 5, 2024 /PRNewswire/ -- Bybit, one of the world's top three crypto exchanges by trading volume, is proud to announce a groundbreaking advancement in its commitment to client security and operational efficiency. Through a strategic partnership with Copper, a leading digital asset custodian, we have successfully reduced the settlement cycle for digital asset trades from 4 hours to a mere 2 hours through the latest ClearLoop product.

"At Bybit, the security of our clients' assets is always our top priority," said Eugene Cheung, Head of Institutions at Bybit. "Bybit is thrilled to be the pioneer partner to leverage Copper's latest ClearLoop product, achieving a remarkable 50% reduction in settlement times for digital asset transactions and unlocking new yield opportunities for our institutional clients. This game-changing collaboration empowers our clients to trade faster and navigate the digital asset landscape with greater efficiency."

This significant improvement exemplifies Bybit's dedication to fostering a superior trading experience and asset security for our institutional clients. By implementing this new tool to shorten the settlement cycle, we empower our clients with:

• Unparalleled Security: Reduced settlement times translate to minimized risk exposure and improved capital efficiency, fortifying the overall security of your digital asset holdings. Copper's robust custody practices further enhance the safety of your assets.
• Enhanced Operational Efficiency: With seamless 2-hourly settlements occurring 24/7, you can enjoy uninterrupted trading and settlement services, maximizing your operational agility.
• Greater Transparency and Control: The improved settlement process fosters increased transparency, allowing for more accurate record keeping and a clearer view of your institutional balance on Bybit.

By prioritizing robust risk management through Copper's secure custody and fostering a collaborative environment, we work tirelessly to deliver the unparalleled security and efficiency that institutions demand in today's dynamic digital asset market.

#Bybit / #TheCryptoArk

About Bybit

Bybit is one of the world's top three crypto exchanges by trading volume with 30 million users. Established in 2018, it offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One's reigning Constructors' and Drivers' champions: the Oracle Red Bull Racing team.

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source: Bybit