COPY OF NEWS RELEASE BY HUOBI

March 24, 2023 - Huobi has signed a Memorandum of Understanding (MOU) with Copper. Huobi is in discussions to join Copper’s ClearLoop Network, making it the fifth exchange to join since January 2023. Five of the top ten global crypto exchanges* have either integrated or are working towards integrating with ClearLoop. The engagement is subject to contract and compliance review.

ClearLoop, Copper’s off-exchange settlement network, will allow institutional clients of both Copper and Huobi to delegate capital for immediate trading, while their assets remain secure in Copper’s custody.

ClearLoop’s innovative and market first documentation creates trust over client delegated assets and exchange margin, each of which is subject to a security agreement. This structure aims to address the insolvency risk of any ClearLoop participant, allowing client and exchange assets to be properly returned in the instance that their counterparty, or Copper, becomes insolvent.

Huobi, a global leading crypto exchange since its inception 10 years ago, has maintained an industry-wide reputation for their robust security measures and product functionality, with no security incidents to date. Operating on cloud servers, Huobi states that it offers a robust disaster recovery capability with high fault tolerance.

Huobi is also committed to compliant operations across the globe. It has obtained regulatory licenses and approval across the globe, including the FinCEN (US) MSB registration, the British Virgin Islands SIBA, and the Gibraltar DLT license, among others. Huobi intends to work with more industry players towards diverse models of compliant, regulated, and licensed operations, and establish itself as a leading global gateway to web3.

Together, Huobi and Copper set the standard for client asset protection

Dmitry Tokarev, CEO at Copper, commented: “It is essential that custodians and exchanges work together to effectively address primary risks such as exchange-counterparty risk. The growing number of exchanges joining ClearLoop is a testament to the willingness to solve these issues together. We’re proud to partner with industry leaders, like Huobi, who share our commitment to setting the standard for client asset protection.”

With both companies committed to building a solid foundation of trust with institutional clients, this partnership will promote the growth of institutional clients and VIP traders. Clients of Huobi can unlock higher allocations, diversify counterparty risk, and achieve greater capital efficiency through Copper.

Huobi is committed to investing in technology and security, and has implemented a series of measures designed to protect user assets such as the use of cold storage, multi-signature technology, and cloud computing. Huobi and Copper are committed to improving the security of clients’ assets for the long run.

"Huobi places the security of user assets as a top priority. This partnership with Copper will help enhance security and asset security," states Huobi's management. "By combining our strengths in user asset protection, we hope to forge an impregnable exchange that offers our valued users a safe and enjoyable trading experience, and make the crypto world more secure, transparent, and compliant."

About Copper

Since being founded in 2018, Copper has been setting the standard for institutional digital assets by offering custody, trading, prime services and collateral management of digital assets. Underpinned by multi-award-winning technology, Copper has built the comprehensive and secure products and services required to safely custody and trade cryptocurrencies and other digital assets such as tokens and stablecoins. At the core of Copper’s infrastructure is ClearLoop, which enables clients to trade and settle in near real time across multiple exchanges, while mitigating counterparty risk and increasing capital efficiency.

To find out more about ClearLoop, visit https://copper.co/products/clearloop

About Huobi

Founded in 2013, Huobi has evolved from a crypto exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investments, incubation and other businesses. Huobi serves millions of users across international markets.