ZUBR, the cryptocurrency derivatives platform, has fully integrated ClearLoop, a settlement tool from London-based digital currency custodian, Copper.
Cooper’s ClearLoop solution will allow clients to settle digital currency transactions off-exchange within milliseconds, explained ZUBR.
The integration also provides another layer of security and efficiency for institutional and sophisticated traders who usually move their holdings from crypto exchanges to secure custodian services or cold wallets.
According to ZUBR, ClearLoop eliminates the settlement delay due to the blockchain network congestion and reduces settlement times, which can take anything up to an hour to complete.
With the ClearLoop integration, both ZUBR and its clients will have assets allocated to cover any position submitted by a trader before it is opened.
When the trade is closed, ClearLoop instantly settles fiat and crypto trades between the parties, ZUBR noted.
ZUBR also highlighted that Clearloop enables traders to move assets on to the ZUBR almost instantly, which ZUBR said is a huge benefit to traders employing high-frequency arbitrage strategies. This will allow ZUBR’s clients to react faster and optimise their use of capital.
ZUBR joins other exchanges such as Deribit, AAX, Bitfinex, CoinPass, Diversifi and Xena which have also integrated Copper’s CleapLoop.
Ilgar Alekperov, CEO of ZUBR, said: “ZUBR puts user experience and security above all else – so integrating Copper’s ClearLoop was a natural and obvious next step as de-risking settlement and cutting down on delays will allow our users to push their capital even further.”
Dmitry Tokarev, Founder and CEO of Copper, commented: “Integrating with ZUBR is a natural next step for the ClearLoop system. Our multi-party computation-secured wallets ensure assets are protected throughout the entire life cycle of a trade. For institutions, this is not just a nice to have – it is essential.”
Earlier this year, ZUBR’s exchange was utilised by Exactpro when it finalised full software testing of ZUBR Exchange ahead of its launch.
Exactpro’s testing was aimed at providing transparency to ZUBR’s clients and investors, and according to the firm, has ensured robust trading and risk engine performance.
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