Copper appointed as crypto custodian for market maker Hehmeyer
Copper.co, a London-based blockchain asset infrastructure provider, today announced it has entered into an agreement to act as a custodian for Hehmeyer, the Chicago-based market maker in crypto assets. Copper will provide Hehmeyer with a custody solution for Hehmeyer’s assets and off-exchange settlement functionality.
Under the agreement, which begins with immediate effect, Copper will provide Hehmeyer with the following combination of technology and services:
- ‘Walled Garden’ infrastructure: Copper.co has set up its custody technology and platform for use by Hehmeyer. Known as a ‘Walled Garden,’ this infrastructure creates a secure closed environment for the transmission of assets across multiple exchanges, hot wallets, and offline vaults. This setup will mitigate malicious attacks against Hehmeyer funds’ infrastructure, as well as prevent fraud risks. |As attached].
- Copper ClearLoop: This framework connects the universe of exchanges in one secure trading loop – with real-time settlement across the networks. Hehmeyer will be able to delegate assets in custody to more than 25 exchanges in the ‘loop’, including BitFinex, Deribit, CoinFLEX, and Zubr. Through ClearLoop technology, Hehmeyer will be able to place asset orders instantly, while assets remain secure off-exchange in Copper’s custody. Trades will be settled automatically, protecting Hehmeyer from exchange credit-risk, exchange security risks (hacking), and from assets being seized or frozen on exchange.
- Internal treasury management: Copper.co will bring together its custody architecture and trading capabilities in the Copper Platform to support Hehmeyer’s treasury management needs. The extensive features of Copper’s Platform include enabling user roles and permissions; a customizable wallet architecture that combines hot, warm, and cold vaults; plus the ability to connect to exchanges via an Application Programming Interface (API), either in a Walled Garden or ClearLoop off-exchange settlement function.
“Since our crypto-focused restructure in the summer, it has been our mission to create transaction freedom for cryptocurrencies. We firmly believe that partnering with a quality custodian and prime broker of Copper’s calibre is the most effective way to introduce more and better control into the space. We have been continually impressed by the market-leading solutions Copper creates and the control it is able to return to owners of digital assets – particularly across a broad range of exchanges – reducing risk and expense for participants in cryptoassets.”
– Christopher Hehmeyer, founder and CEO of Hehmeyer
Published at Tue, 12 Jan 2021 18:19:16 +0000