BitGo and Copper Launch Off-Exchange Settlement for Deribit Traders
BitGo and Copper are offering off-exchange settlement for traders on the Deribit options exchange. Key points include:
- Traders can now securely trade spot and derivatives while assets are held in custody by BitGo Trust.
- The settlement process utilizes Copper’s ClearLoop and Go Network, allowing for delivery versus payment (DvP) transactions.
- Clients can settle transactions instantly without moving assets on-chain, minimizing settlement risks.
- Assets remain in BitGo custody except during predefined settlement periods when they are transferred to the Copper ecosystem or Deribit.
- This partnership aims to enhance security and efficiency in trading operations post-FTX.
According to Brett Reeves from BitGo, this system eliminates settlement risk traditionally associated with cryptocurrency exchanges.