Coinbase launches off-exchange settlement for institutions via Copper's ClearLoop to reduce counterparty risk and improve capital efficiency.
Bhutan transfers $23 million worth of Bitcoin to Binance, with the country's holdings still valued at over $1.3 billion.
Changpeng Zhao's family office backs a new BNB-centric treasury firm planning a US IPO, led by David Namdar, co-founder of Galaxy Digital.
The cryptocurrency market is witnessing significant developments, with major players making strategic moves to shape the industry's future. Coinbase has unveiled a new partnership targeting institutional clients, Bhutan has sent over $23 million worth of Bitcoin to Binance, and Changpeng Zhao's family office has been revealed to be investing in a new BNB-centric treasury firm that will seek a United States listing. These key steps highlight the evolving dynamics of the crypto market, where innovation and investment are driving growth and adoption. Take a look at our latest ‘crypto news today’ report:
Coinbase International Exchange has integrated with Copper’s ClearLoop platform to offer off-exchange settlement for institutional traders. The partnership enables clients to settle trades without transferring funds to the exchange, aiming to reduce counterparty risk and improve capital efficiency. According to a press release issued on Thursday, the feature is now available for trades using USDC and will expand to other assets soon.
ClearLoop, developed by London-based Copper, uses multiparty computation (MPC) to facilitate near-instantaneous settlement while allowing traders to keep their assets secured off-platform. Coinbase stated that this service is regulated by the Bermuda Monetary Authority and is designed to meet the growing demand for secure and flexible institutional trading infrastructure.
A Coinbase spokesperson told Cointelegraph that institutions are increasingly seeking operational efficiency. “This improves the user experience of managing collateral, reducing counterparty risk and improving capital efficiency,” they said. Early adopters include Ethena, a stablecoin project supporting USDe, which joined as a launch partner.
Amar Kuchinad, Global CEO of Copper, noted, “This significant integration with Coinbase International Exchange expands institutional access to rapid, secure off-exchange trading and settlement.” With over 150 listed assets and up to 20x leverage, Coinbase International Exchange has become a key venue for institutional crypto trading since its launch in 2023.
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The Royal Government of Bhutan moved 212.31 BTC, valued at approximately $23.61 million, to Binance on Thursday. On-chain analytics platform Arkham flagged the transaction, which occurred just hours after Bitcoin briefly hit an all-time high of $112,152. This follows a $14.75 million BTC transfer made by Bhutan to Binance last week, the most substantial movement of its holdings since November.
Bhutan’s state investment arm, Druk Holding & Investments, manages the country's Bitcoin reserves, which still amount to over 11,700 BTC worth approximately $1.3 billion. That figure represents around 40% of Bhutan’s gross domestic product. According to Arkham, the country’s only other major crypto asset is ETH, with a holding of 656 tokens.
Bhutan’s accumulation strategy differs from that of most nation-states, which typically obtain Bitcoin through law enforcement seizures. Instead, Bhutan mines Bitcoin using hydroelectric power. Arkham suggests that mining operations may be routed through Ant Pool, leveraging the country’s energy resources for eco-friendly accumulation.
While the exact reason for the recent transfers remains undisclosed, deposits to exchanges like Binance are often a precursor to asset sales. Bhutan ranks as the sixth-largest known holder of Bitcoin by a government, behind the United States, China, the United Kingdom, Ukraine, and North Korea.
YZi Labs, the family office of Binance co-founder Changpeng Zhao, announced support for a new BNB treasury firm initiated by 10X Capital. The company, provisionally named “BNB Treasury Company,” plans to go public in the United States and will focus on acquiring and holding BNB tokens. David Namdar, a co-founder of Galaxy Digital, will lead the new entity.
The venture reflects a growing trend among public and private firms to hold cryptocurrencies as treasury assets. While most treasury-backed crypto firms have focused on Bitcoin, the shift toward BNB marks a significant development. BNB, the fifth-largest digital asset by market capitalization, is currently trading around $670.
10X Capital will serve as the asset manager for the firm, which aims to enhance institutional access to the BNB Chain ecosystem. “We believe expanding its institutional access can deliver meaningful benefits to the broader public,” said Ella Zhang, Head of YZi Labs.
Recent filings show that Zhao and Binance jointly control nearly 96% of BNB’s supply, with Zhao holding 94 million tokens valued at over $63 billion. Despite Zhao stepping down from Binance management following a U.S. plea deal, he remains the largest shareholder and a central figure in BNB-related ventures. The company expects to finalize financing arrangements for the IPO initiative in the coming weeks.
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