Bitget and Cobo Join Forces to Elevate Crypto Asset Security and Efficiency
News provided byBitget
Sep 18, 2023, 8:30 AM ET
Victoria, Seychelles, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Bitget, top cryptocurrency derivatives exchange and copy trading platform, proudly announces its strategic partnership with Cobo SuperLoop, an off-exchange settlement network by the renowned leader in institutional digital asset custody technologies. This integration, which officially goes live today, marks a significant step forward for both organizations and the broader cryptocurrency ecosystem.
The Bitget-Cobo collaboration is driven by a shared commitment to enhancing trust and fund security for cryptocurrency investors. Through this integration, Bitget users can now trade on the exchange while securely holding their assets off-exchange, protected by Cobo’s advanced wallet technologies. This empowers investors with unparalleled peace of mind and ensures the highest level of security for their digital assets.
A primary goal of this partnership is to optimize fund utilization. By leveraging Cobo SuperLoop, investors can seamlessly execute cross-exchange transactions and capitalize on arbitrage opportunities, all without the necessity of depositing funds directly onto the exchanges. This innovative solution not only simplifies and secures trading, but also significantly reduces on-chain transaction gas costs, making crypto investments more efficient and cost-effective.
Bitget's institutional clients now have the option to safeguard their funds using Cobo's MPC multi-party computation (MPC) wallets or custodial wallets. This strategic move is aimed at providing a comprehensive cryptocurrency trading solution tailored to meet the diverse needs of institutional investors. Notably, Cobo’s MPC wallets employ state-of-the-art multi-party computation technologies and a threshold signature scheme (TSS) to deliver military-grade security while offering asset recovery capabilities in the event the client’s key-share is lost or compromised. Under this scheme, the private key is divided, encrypted, and distributed among the client, Cobo, and an entrusted disaster recovery service provider. This ensures that no one party can unilaterally move client funds and eliminates the single point of failure of the private key.
Doing the right thing is Bitget’s long-term vision, and the company continues to offer a wide range of services through its custody account, including spot trading, margin trading, futures trading, spot copy trading, futures copy trading, spot grids, and futures grids. These offerings are designed to cater to the dynamic needs of cryptocurrency traders. While Bitget empowers users with a diverse set of trading tools, certain services such as on-chain crypto deposits and withdrawals, internal transfers, and fiat currency transactions maintain specific limitations.
The partnership between Bitget and Cobo signifies a significant stride for both organizations, underscoring their shared vision for the cryptocurrency industry's long-term potential. By turning Wins into Win-Wins, this collaboration aims to set new industry standards in fund security, trading efficiency, and investor protection.
Gracy Chen, Managing Director at Bitget, remarked, "Our partnership with Cobo is a testament to our unwavering commitment to providing the highest level of security and efficiency to our users. By joining forces with Cobo's SuperLoop, we are empowering our institutional clients with a seamless and secure trading experience."
Dr. Changhao Jiang, CTO and co-founder of Cobo, commented, "Cobo is delighted to integrate Bitget into SuperLoop as one of the supported exchanges and bring our institutional-grade solutions to their platform. We believe this integration will set new benchmarks in the industry, offering investors unparelleled peace of mind while trading on exchanges."
Established in 2018, Bitget is the world's leading cryptocurrency exchange that offers Copy Trading services as one of its key features. Serving over 20 million users in more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.
Cobo is a globally trusted leader in digital asset custody solutions. As the world's first omni-custody platform, Cobo offers a complete range of solutions from custodial wallets to non-custodial wallets, including MPC custody and smart contract-based custody, as well as wallet-as-a-service, a DeFi management platform (Argus), and an off-exchange settlement network (SuperLoop). Trusted by over 500 institutions with billions in assets under custody, Cobo instills confidence in digital asset ownership by enabling safe and efficient management of digital assets and interactions with Web 3.0. Cobo is SOC2 Type 1 and Type 2-compliance-certified and licensed in 5 jurisdictions.
For more information, please visit www.cobo.com
NOTE: This content is not written by or endorsed by "WPRI", its advertisers, or Nexstar Media Inc.