Copper
Zug-based MPC custody that connects to trading venues, settlement and collateral without moving assets out
Quick Overview
| Company | Copper Markets (Switzerland) AG |
|---|---|
| Category | Crypto Custody Providers |
| Headquarters | Zug, Switzerland |
| Founded | 2018 |
| EU Presence | Yes - Switzerland |
| Data Location | Not stated on pages checked |
| Open Source | No |
| GDPR Compliant | Yes |
| Self-Hosting | No |
| Main Features | Proprietary MPC custody, multi-layered approval workflows, on-chain and legal segregation, ClearLoop off-exchange settlement, collateral management, financing desk, staking rewards |
| Pricing | Pricing on request |
| Best For | Trading firms and asset managers that settle against exchanges while assets stay in custody |
| Replaces | BitGo, Coinbase Custody, Anchorage Digital |
Detailed Review
Copper is the trading name of Copper Markets (Switzerland) AG, a company registered in Zug (CHE 477.629.838) and a member of the VQF self-regulatory organisation supervised by FINMA. It says it has served institutions in digital asset markets since 2018.
Its custody is not sold as a separate vault. The company ties it to trading, settlement and collateral workflows, so assets that back positions on connected venues stay in custody.
MPC and legal segregation
Copper's proprietary MPC technology means a full private key is never created, and operational safeguards stop any one person from moving assets alone. Assets can be segregated on-chain and through legal structures, with approval workflows set to the client's own governance.
ClearLoop and collateral
ClearLoop lets clients trade on connected venues while collateral remains held at Copper. The homepage cites $105bn of monthly notional trading volume protected by ClearLoop collateral and $3bn of monthly off-exchange settlements.
A financing desk lends to approved counterparties, and discretionary rewards on eligible assets run through partnerships.
Security and cover
The security page aligns the company with NIST, ISO 27001 and SOC 2, and lists $500M of specie market-based insurance placed in the Lloyd's of London market through Aon.
Limitations to Consider
Copper is registered through a self-regulatory organisation as a financial intermediary, which is not the same as a banking or securities-firm licence. Services are reserved for institutional investors with professional treasury management, so smaller buyers are declined. Pricing is not published, and the homepage mentions a leadership transition and a new management team. The custody value is strongest when used with its trading network.
Who Should Use Copper
Trading firms, asset managers and exchanges in Europe that want custody connected to off-exchange settlement and collateral, and are comfortable with a Swiss self-regulated intermediary.
Pros and Cons
Pros
- MPC with no whole private key
- On-chain and legal segregation
- ClearLoop off-exchange settlement
- Collateral and financing desk in one platform
- $500M specie insurance stated
Cons
- SRO registration rather than a bank or securities licence
- Institutional clients only
- No published pricing
- Leadership transition under way
Alternatives to Copper
Other European crypto custody providers worth comparing before you decide:
DFNS
France · Wallet-as-a-service on MPC, SaaS or fully on-premises
Tangany
Germany · BaFin-licensed wallet-as-a-service custody for platforms
Boerse Stuttgart Digital Custody
Germany · Fiduciary crypto custody from a German exchange group
Taurus
Switzerland · Custody software for banks, with keys held by the client
See all European crypto custody providers or compare them directly against BitGo on our alternatives page.
Frequently Asked Questions
No. Its legal notice says Copper Markets (Switzerland) AG is registered as a financial intermediary with the VQF self-regulatory organisation, which is authorised by FINMA.
It is Copper's off-exchange settlement network, in which clients trade on connected venues while collateral stays held at Copper.
No. Copper states that its products are reserved for institutional investors with professional treasury management.