Crypto Custody Firm Copper Launches Custodian-Agnostic Settlement Network for Institutional Clients

Copper, a leading crypto custody firm, announced the launch of a groundbreaking settlement network designed for institutional clients in the digital asset space. This innovative platform, dubbed the Copper Network, is a significant advancement in the realm of cryptocurrency trading and custody, offering a custodian-agnostic, scalable, and private solution.

The Copper Network aims to streamline the post-trade Over-The-Counter (OTC) settlement process for institutional clients. It enables these clients to settle their OTC trades with all their counterparties, irrespective of where they custody their digital assets. This development is a strategic move by Copper to cater to the growing needs of institutional participants in the digital asset market.

Dmitry Tokarev, the Founder and CEO of Copper, expressed his ambition for the firm to become the premier gateway to digital assets for institutional investors. He emphasized the Copper Network as a first-of-its-kind in the ecosystem, offering a custodian-agnostic settlement network that provides secure and efficient settlement rails necessary for the scaling of businesses.

The Copper Network is set to revolutionize the way post-trade communications and workflows are handled, integrating them into a single settlement solution. This system contrasts sharply with the basic transfer networks that are currently prevalent among market participants. Shane O’Callaghan, the Global Head of Business Development at Portofino, lauded the Copper Network for its ability to facilitate secure and efficient settlements with their entire client base through a singular network. This capability is expected to be transformative, particularly as the OTC business sector continues to expand into 2024.

This launch comes on the heels of Copper’s recent expansion into the Middle East with the introduction of a digital assets brokerage platform for institutional trading in the United Arab Emirates in November. This series of strategic developments underscores Copper’s commitment to providing innovative and comprehensive solutions in the rapidly evolving digital asset landscape, positioning itself as a leader in the field of cryptocurrency custody and settlement for institutional clients.