CoinFLEX has partnered with Copper, the leading digital asset custody and trading solutions provider, to integrate flexUSD into Copper’s ClearLoop. ClearLoop is Copper’s unique instant settlement trading network, allowing institutions to trade CoinFLEX products seamlessly with their funds safely secured within Copper’s platform. This partnership will accelerate the institutional adoption of flexUSD, primarily across APAC and Europe.
CoinFLEX is the first to offer an interest-earning stablecoin to Copper’s institutional clients, opening the access for institutions to earn high yield by simply holding flexUSD in their Copper wallet. flexUSD is pegged 1:1 with USDC, freely redeemable and pays holders interest on-chain every 8 hours.
In addition, trading firms within Copper’s ClearLoop network can use the stablecoin as collateral when trading on CoinFLEX, which enables trading firms greater capital efficiency and access to extra yield.
The expected increase in institutional adoption of flexUSD will help accelerate the stablecoin’s path to a $1 billion market cap by Q1 2022. For reference, flexUSD’s current market cap is around $321 million. Not only would this partnership significantly increase the adoption of flexUSD for trading activity, but it would also add further legitimacy to flexUSD as a yield earning product, a distinct feature absent in stablecoin titans such as USDT and USDC.
Copper is trusted by many trading firms and institutions as a gateway to digital asset investing. In other words, Copper is the go-to place for many traditional financial firms looking for proper infrastructure to trade crypto. Copper currently services over 300 institutional asset managers and is trusted by major crypto exchanges globally.
Founded in 2018, Copper helps bridge institutions into crypto by offering custody, prime brokerage, and settlements across 250 digital assets and more than 40 exchanges. Copper’s unique crypto products and multi-award-winning custody allows clients to safely acquire, trade, and store cryptocurrencies, including access to margin lending trading facilities and the DeFi space.
ClearLoop is at the core of Copper’s infrastructure and connects a broad network of exchanges together in one secure trading loop and with instant settlement across networks.