Coinbase International has integrated with Copper's ClearLoop network to provide over-the-counter settlement services for institutional clients, addressing the "high" demand for more efficient and secure trading infrastructure.
This collaboration was announced on Thursday, and according to a press release shared with Cointelegraph, it allows institutions to manage collateral and settle trades in near real-time without transferring funds to an exchange.
The move aims to reduce counterparty risk and enhance capital efficiency, which are two major concerns for institutional cryptocurrency participants operating at scale. The stablecoin protocol Ethena, known for its role in hedging USDe, has been designated as the launch partner for this integration.
A spokesperson for Coinbase told Cointelegraph, "Institutions need this functionality and flexibility, as ClearLoop enables institutions using the Coinbase International exchange to achieve a leap in over-the-counter settlement times. This improves the user experience for managing collateral, reduces counterparty risk, and enhances capital efficiency."
The integration is regulated by the Bermuda Monetary Authority and currently supports only USDC. Coinbase has stated that it plans to support more collateral assets in the near future.
ClearLoop, developed by Copper in London, utilizes multi-party computation (MPC) technology, allowing clients to trade virtual balances on centralized exchanges while settlements occur on Copper's infrastructure, reducing the need to hold large amounts of assets on exchanges.
Amar Kuchinard, CEO of Copper, stated, "This significant integration with Coinbase International expands institutional access to fast and secure over-the-counter trading and settlement. It is a milestone in the maturation of the digital asset industry."
Launched in 2023, Coinbase International has become a key player in the global cryptocurrency derivatives market, offering over 150 listed assets and leverage of up to 20 times. The exchange joins the expanding ClearLoop network, which already includes Deribit, Kraken MTF, OKX, and Bitfinex.
Marc Zeitouni, CEO of Coinbase International, remarked, "Institutional clients need both security and flexibility when managing digital assets."
A survey conducted by Coinbase and EY-Parthenon in March revealed that 83% of institutional investors plan to increase their cryptocurrency allocations by 2025, with many already holding altcoins beyond Bitcoin (BTC) and Ethereum (ETH).
The survey identified Ripple (XRP) and Solana (SOL) as the most popular assets held. It also showed that most respondents expect to allocate at least 5% or more of their portfolios to cryptocurrency this year.
Similarly, a report from Fireblocks in May found that 90% of institutional participants are using or exploring stablecoins, with nearly half having used them for payments.
Related: Australia to test central bank digital currency (CBDC) and stablecoins in the next phase of its cryptocurrency program
Original: “Coinbase Unlocks OTC Settlement Services for Institutions to Meet 'High' Demand”
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