copper

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copper.co
Digital asset infrastructure
for those who know

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copper.co
New technology brings new risks.
New risks need new infrastructure.
Copper builds next generation crypto
infrastructure for pioneering institutions.
Safeguard
infrastructure
MPC-protected custodial architecture
for more than 150 digital assets
Cold, warm, hot, and proxy layers
supported
Security audited, certi
fi
ed, and insured
HFM Awards 2019 & 2020
Best Digital Asset Custodian
Trade
infrastructure
Trade out of cold storage using ClearLoop
Move assets instantly between 25+ top
exchanges
Tight spreads using Copper’s eOTC RFQ on
the Platform or through API

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Insured &compliant
Meeting and exceeding
standards for protection
Copper is registered with the US Dept. of the Treasury’s
Financial Crimes Enforcement Network (FinCEN) as a Money
Services Business.
On the technology side, the
fi
rm is audited and certi
fi
ed
annually to the ISO 27001 standard.
And to give our clients further peace of mind, Copper has a
Crime insurance policy that is brokered by Aon and
supported by a panel of S&P A+ rated insurers in the Lloyd’s
of London insurance market.
Employee The
ft
Third-party Computer Crime
Funds Transfer Fraud
Cyber Losses
(Crime through fraud/the
ft
, viruses, hacking)
Property loss (relevant to the assets) within Copper
premises & in transit
Protection against:
Our insurance is based on a Crime policy and protects against threats to/on our
infrastructure. This policy doesn’t cover assets on third-party/other infrastructure
where the risk is not something we can control or manage. The cost of the premium is
retained by Copper, and not passed onto Clients. If Clients would ever wish to increase
the policy limit, an excess layer can be arranged for the Client directly through AON.
A+ rated insurers MSB Reg: 31000177287164

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Custody
Secure custody architecture for crypto
HFM Awards 2019 & 2020
Best Digital Asset Custodian

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Background information
Private key
management
To date, custody for digital assets has involved various wallet
technologies. These have managed private keys in di
ff
erent ways,
each with their own strengths and weaknesses.
Hot wallet
Key stored online
So
ft
ware wallet
Key stored on device
HSM (Hardware security module)
Key stored on dedicated o
ffl
ine device
Key Sharding
Key, split, encrypted and distributed
Private keys are held on an online
server. As a result, access to funds is
fast, easy, and convenient for trading.
However, a server is just someone
else’s computer, and thus
susceptible to the most prevalent
type of threat: a network a
tt
ack.
Private keys are stored on a physical
device owned by the user (e.g. a
laptop, mobile or PC). The user is in
direct control of their assets,
however, a personal device is still
susceptible to network a
tt
acks,
malware, and physical the
ft
or loss.
Private keys are stored on a
dedicated device, designed to hold
private keys. This is more secure than
so
ft
ware wallets. However, it is still
vulnerable to physical loss, and
malware from being connected to an
online computer when broadcasting
transactions. Storing millions of
dollars worth of digital assets on a
USB is not a credible option.
Private keys are divided into parts,
encrypted and then distributed to
di
ff
erent parties and/or locations.
This is a secure method of private
key management, though impractical
for high-frequency trading & frequent
transfers as shards need to be
combined o
ffl
ine and in isolation for
every transaction.
Secure MPC
Multi-party computation
Key shards are formed
simultaneously and in isolation. One
shard each is entrusted to the client,
their trusted third party, and Copper.
Using MPC cryptography, these
shards allow transactions to be
signed online without the risk of
private key exposure because there
is no longer one private key.

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copper.co
Multi-Party Computation (MPC) is radically changing key management
Private key management
Key shard securely generated
Copper creates a key shard using multi-party
computation in a secure environment
Two further shards are created
Co-located with Copper, or remotely, shards are
generated for clients and their trusted 3rd party
Shards are distributed
Copper, the client, and their trusted 3rd party retain
shards independently, each are password encrypted
Using the Zero-Knowledge Proof protocol, key shards can communicate secret
information without revealing any of the actual information - sharded keys can
authorise transactions without ever coming together online or o
ffl
ine.
The ultimate protection.
7
2 3
1
2 3
1
1
2 3

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The Copper Platform is build speci
fi
cally for
institutional asset management. It gives instant
visibility of all your assets, and provides easy on-
ramps for both
fi
at and digital assets.
Here you can organise your vaults, connect to
exchanges, move balances, download reports, and
receive account noti
fi
cations.
The Platform is also where you apply leverage, and
where you can use our eOTC product to connect with
the best RFQ and streaming prices from all the leading
market makers. Plus you get instant se
tt
lement.
But most importantly, the Platform connects you to
ClearLoop™ - the safest way to trade out of cold
storage.
Copper Unlimited is a standalone vault application
linked securely to the Copper Platform. It can be
installed on any operating system creating secure
distributed storage for more than 150 digital assets.
Copper Unlimited combines multi-party computation
(MPC) and multi-signature methodology with our
proprietary optical air-gapping to provide unparalleled
secure storage for digital assets.
Key shards can be held purely o
ffl
ine, or a combination
of on- and o
ffl
ine to increase trading e
ffi
ciencies
without compromising security. Using a server
application, online shards can sign transactions
instantly.
There is also a dedicated iOS app, which can be used
to securely sign transactions on the go.
Technology overview
End-to-end secure
MPC custody architecture
Copper’s safeguarding infrastructure can
be con
fi
gured with online and o
ffl
ine MPC
shards to create a client segregated
custody environment for digital assets.
Maximum security without compromising
on control.
Copper Platform
Online web layer
Copper Unlimited
O
ffl
ine application layer
No single point of failure
Insured and security audited
Seamless trading and withdrawals
Co-sign & verify transactions o
ffl
ine
Connect to leading exchanges
Flexible insurance options for added peace of mind Contact for more info
-

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Everything you need to
prosper in a rapidly evolving market
Se
tt
le Leverage
Mayfair Capital P

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Flexible shard configuration
for every asset
Shard configuration
Con
fi
gure o
ffl
ine, client-side and
server-side shards for ultimate
fl
exibility on every asset
The ultimate protection takes all three
distributed key shards completely o
ffl
ine
and makes them only accessible via
Copper’s distinctive optical air-gapping
system. This award-winning solution is
ideal for pure storage or those who
require the highest level of security to
meet stringent investor or regulatory
requirement.
Best for:
Long only funds Maximum security
A hybrid solution developed to increase
client-side e
ffi
ciencies without pu
tt
ing
two shards online. In this arrangement,
the key shard held by Copper is kept
online to facilitate 24/7 signing, while
the client and their trusted third party
retain o
ffl
ine control. This provides near
instant access to assets at all times.
Best for:
Arb strategies 24/7 access
With two of three key shards held online,
transactions can be signed instantly for
the fastest possible access. In order to
be a
tt
acked, both a Copper controlled
server as well as a client-side server
would need to be impacted. Shards are,
of course, still encrypted using industry
leading MPC protocols.
Best for:
High Frequency Traders Instant transfers
Cold wallet
Warm wallet
Hot wallet

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Wallet architecture
Scaleable crypto treasury
management with waterfall
wallet architecture
O
ff
er your customers crypto with ease using
our wallet architecture. Generate proxy wallets
for each user and program your own controls
on custody across cold, warm wallets.
Immediate user access
Seamless integration
MPC secured
Don’t want to create your own architecture?
Ask us for Copper managed wallet architecture.
User deposits
User withdraws
Proxy 1 Proxy 2 Proxy 3
Proxy 4 Proxy 5 Proxy 6
Unlimited Unlimited
Cold wallet
1,000
Max
1,000
Max
1,000
Max
Warm wallet
100
Max
100
Max
100
Max
100
Max
100
Max
100
Max
Hot wallet
Customise % in hot, warm & cold
Specify max assets in each
wallet
Add proxy wallet payout
thresholds
Program wallet
controls
Example waterfall architecture
If hot full
If warm full
90%
9%
1%

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Security &control combined
without compromise
Copper Custody
Co-sign and verify vault
withdrawals on or o
ffl
ine
Manage and trade your digital
assets in one place
platform
unlimited
New iOS app available

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copper.co
Copper Unlimited
now on mobile New
Verify & co-sign vault transactions on mobile.
Securely view transaction details, sign and create
new vaults in a few taps.
Exclusively for copper.co clients

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copper.co
Custody
Features
Multi-signature on
every blockchain
Proprietary tech enables multi-
signature security regardless of
whether the blockchain natively
supports it. Bringing an added layer
of security to over 150 digital assets.
Optical air-gapping
for o
ffl
ine security
Distributed shards sign and verify
transactions through a military-grade
optical air-gapping system using
encrypted QR codes. Keeping o
ffl
ine
machines completely segregated.
Connect to leading
exchanges
Connect with industry leading 3rd
party exchanges to deploy capital
across multiple execution venues
whilst maintaining secure
independent custody.
Se
tt
lements &
clearing built-in
Copper’s unique se
tt
lement network
utilises API connected banking and
our custody technology to provide
the fastest, risk-free se
tt
lement on
the market.

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The first independent end-to-end
custody solution for funds
that trade on multiple exchanges.
- Michael Hall, CIO
Nickel Digital
“
“

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Supported assets
Over 150 digital assets
supported (&counting)
USD United States Dollar
EUR Euro
GBP Great British Pound
Supported Fiat
Top 25 by market cap
ERC20, TRC-20, and Omni
All stable coins
Supported Digital Assets
See full asset support
-
New assets added quickly and
compliantly on client request

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Deploy capital across 25+ exchanges
whilst maintaining independent custody
Inter-exchange custody
connect to:
ClearLoop™
-
Copper’s Custody technology and Platform can be used to create a
secure closed trading environment with the world’s leading exchanges.
Walled Garden
-

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Decentralised Finance
Connect to web 3.0
using Copper
DeFi isn’t just a catch phrase, or an extension of
the crypto Wild West, it is a revolutionary way
to interact with digital
fi
nance.
Only Copper can provide the architecture to
sign DeFi enabling smart contracts with the
protection of MPC and the convenience of a
broker extension. Think Metamask, but safer.
Uniswap
0
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0
x
E73C3cEd377a1E30d37786d654dA5A8b803fC8cC
0
x
3E71ac640aba685aDa8F22D5DeCc0
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0
x
57985BDDb0A139D23058999980673c1A34cA994a
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x
0584808c9587db6fB8b56b07C412E53bc291Bc3C
Curve

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Savings accounts
Earn interest by lending
assets held in custody
Copper’s lending gateway generates yield for
your customers while they sleep.
Protected by Copper infrastructure
Connected to global liquidity pools
Short and long term options
Providing margin funding to approved institutional
clients creates a safe, reliable, and generous return
for customers keen to grow their savings.

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Inter-exchange Custody
Cross exchange trading environment
HFM Awards 2019
Best Use of Blockchain

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The digital asset settlement network
I N T R O D U C I N G

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Trade from secure offline custody
— settle instantly
Instant access to exchange trading balances
Assets remain in independent custody
Insured for added peace of mind
ClearLoop™

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Trade across top-tier execution venues direct from
independent offline custody with ClearLoop™
Instant off-exchange settlement
Actively trade balances in custody across multiple exchanges &
custodians, without moving assets. Copper ClearLoop™ se
tt
les
trades automatically and instantly on completion.
On ClearLoop™
Trade & se
tt
le instantly from custody with
Coming soon
Integrating with ClearLoop™ soon
Inter-exchange custody
Available using Walled Garden
-
Instant settlement Zero counterparty risk

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Rapid response
Take market responsive action and
trade balances in sub 100 milliseconds,
no waiting for block con
fi
rmations
Easy management
Simple management through the
Copper Platform
Learn more
-
Efficient access
Trade with your existing OMS or
through your exchange account
Learn more
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Award winning security
Client segregated MPC cold storage
through Copper Unlimited
Learn more
-
Insured for peace of mind
Aon brokered crime insurance policy on
$10M per transaction
Learn more
-
Consensus driven
Multi-login support and multi-sig
withdrawals on every account
Learn more
-
Full control
Industry leading security
Unparalleled advantage

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Unlock higher allocations with
zero exchange counterparty risk
Eliminated counterparty risk
Fully funded
ClearLoop™ eliminates counterparty
risk by ensuring both the asset
manager and the exchange have
enough assets allocated to cover the
position before it is opened.
Se
tt
led instantly
Copper se
tt
les
fi
at and crypto
trades instantly between parties
a
ft
er the trade takes place.
Technical walkthrough
-
Caps li
ft
ed
Asset Managers who have a
restriction on AUM per exchange
can trade higher volumes because
their assets never get moved to
exchanges until trades complete.
1 2 3
Access to our network of capital allocators
Capital introductions available with leading funds, fund of funds, and family
o
ffi
ces actively allocating in crypto

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Suitable for any strategy
Your strategy — upgraded
It doesn’t ma
tt
er what your strategy is, speed and security are essential when
executing any trade.
Copper ClearLoop™ is uniquely positioned to protect your assets and your position.
Funds Prop Shops OTC Desks Market Makers
High Frequency
Traders

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ClearLoop Settlement Network
Settle instantly
Trading with known counterparties has never
been easier
Click se
tt
le, insert the counterparty ID,
complete trade details
Trades are se
tt
led instantly and balance
are available to be redeployed
1
2
Look for the ClearLoop™
connected mark
The symbol that shows exchanges,
custodians, counterparties & market makers
are on the Copper ClearLoop™ network.

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Collateral manegement system
Management for OTC
derivatives
Remove market maker, counterparty, and
operational risk by managing collateral through
the ClearLoop system. Delegate funds instantly
from your secure Copper custody account to
more than 10 of the biggest liquidity providers
in crypto, and se
tt
le automatically.
Use MPC cold storage to ensure your assets are
protected
Delegate to external liquidity providers from within the
platform
Using ClearLoop avoids time consuming on-chain
transactions
Liquidity provider can unlock all or some of the collateral.
Learn more about our CMS
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Off-Exchange Settlement
ClearLoop™
O
ff
-exchange se
tt
lements occur in three
easy steps
1. Fund Allocation
2. Position Opened
3. Instant Se
tt
lement
Asset managers use the copper platform to
delegate funds to their account on
Exchange.
Copper ClearLoop™ then uses an API call to
inform the Exchange of the ‘deposit’, and
the Exchange in turn locks these assets in
the client’s Copper vault. No assets
actually leave the vault, it’s just an API call
back and forth in under 100ms.
When the client logs into their Exchange
account they will see the trading balance
has been updated and they can open a
position. When the client logs into their
Copper vault they will see the delegated
assets are locked by the Exchange.
When the client closes their position the
Exchange will use an API call to instruct
Copper to se
tt
le the trade.
Funds allocated
Pre trade
1
Trade
Position opened
2
Post-trade
Trade settled
3
FUNDS A L LO CAT E D TO E XCHANGE
&
LO
C
K
E
D
BAL ANCE MADE AVAILA
B
L
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F U N
D
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F
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R
R
E
D
Copper.co
Exchange
Client

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For access to the entire market:
Create a Walled Garden
Walled Garden
Connect to 25+ leading exchanges through API’s to
create a Walled Garden - a secure trading environment
designed to mitigate malicious a
tt
acks against a Fund’s
infrastructure and prevent fraud risk. A secure closed
environment for transmi
tt
ing assets across multiple
exchanges, hot wallets, and MPC vaults.
Connect directly to 25+ exchanges using APIs
Integrated
fi
at and crypto rails directly in the Platform
External withdrawals require Multi-sig authorisation
Read-only access for Fund Administrators
Full reporting through the Copper Platform
Sign and verify transactions on or o
ffl
ine

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0 confirmation movements
between ClearLoop and Walled
Garden exchanges
Complete integration
Copper’s infrastructure is the only trading and
storage ecosystem in the world that enables
zero con
fi
rmation withdrawals from 25 of the
world’s largest exchanges.
Being able to withdraw instantly is only half the
equation - with ClearLoop, you can also deposit
instantly for maximum capital e
ffi
ciency.

32. Trade API
Fund Administrator
Read-only Exchange API
Read-only Copper Platform
Read-only Copper API
Trusted 3rd party
1/3 private key,
partial seed & 2FA
Withdrawal whitelist
Copper custody
Exchange accounts
Interconnected through
withdrawal whitelists
Investment manager(s)
1/3 private key and
exchange Trade API’s
Exchange
Exchange
Exchange
Exchange
1/3 private key, exchange
credentials & partial seed
Multi-signature authorisation required for Digital Asset
withdrawals outside of The Copper Walled Garden
1/3 private key, exchange
credentials & partial seed
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Inter-exchange safeguarding
Walled Garden
Using a Fund’s exchange APIs and the
Copper Platform for portfolio management,
Copper can create a Walled Garden where
it provides custody, and multiple exchanges
facilitate trading and liquidity
Fund Administrators retain Read-Only
access to prepare NAV and maintain
visibility of balances
A Trusted 3rd Party ensures Digital Assets
never leave the Walled Garden without
Multi-signature authorisation
1/3 MPC key shard
1/3 MPC key shard
Trade API’s
1/3 MPC key shard and
exchange credentials

33. Trade API
Fund Administrator
Read-only Exchange API
Read-only Copper Platform
Read-only Copper API
Trusted 3rd party
1/3 private key,
partial seed & 2FA
Withdrawal whitelist
Copper custody
Exchange accounts
Interconnected through
withdrawal whitelists
Investment manager(s)
1/3 private key and
exchange Trade API’s
Exchange
Exchange
Exchange
Exchange
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Inter-exchange safeguarding
Open Garden
For asset mangers who require sole
responsibility of their exchange accounts,
Copper can provide industry-leading
secure custody, with direct links to the
exchange account, but the client is then
responsible for maintaining their own
address book of whitelists and access
controls.
The Open Garden is still con
fi
gured with a
Trusted 3rd party retaining a key-shard,
along with read-only permissions for fund
administrators across both the exchange
and Copper platform. It is a robust solution
that is more
fl
exible for clients who have a
higher frequency of change to the number
of external addresses to support.
1/3 MPC key shard
1/3 MPC key shard
Trade API’s
1/3 MPC key shard
Copper custody

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Copper is the best custody and exchange
management platform I know of, and with
ClearLoop they have solved the cold-
storage latency problem – everyone else
will have to follow suit.
- Niclas Sandstrom
CEO, Hilbert Capital Ltd
“
“

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Copper Platform key features
Security and efficiency at every level

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Copper Platform
Key Features
Co-sign transactions
and se
tt
ings
When activated, any signi
fi
cant
action on the platform will always
require a second internal approval.
Mitigating internal fraud risk and
keeping your accounts secure.
Whitelists &
address books
Maintain a collection of wallet
addresses in regular use. Activate a
whitelist to ensure withdrawals can
only be made to prede
fi
ned
addresses. Updating this whitelist
requires co-signing.
Rule based
access controls
Set for account visibility for each
team member. Manage multiple
trading teams with di
ff
erent access
controls, and no visibility of each
other’s markets.
Specify roles across
your team
Client teams can self-manage by
se
tt
ing up various permissions on the
platform. Choose between
Administrator, Operator, Approver,
Trader, JR trader or View only
2FA protected
YubiKey technology support
IP restrictions
can be enabled on accounts
Activity logging
on every account and action
API’s and CSV exports
for connectivity & NAV calculation

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Execution
Institutional OTC and eOTC services

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Institutional OTC
Private large volume crypto
trading with realtime settlement
Instant se
tt
lement on large volume
fi
at and
crypto trading enables realtime capital recycling.
Secured by our award winning digital asset
custody application and managed on the Copper
Platform.
Instant se
tt
lement using our pioneering
fi
at
& crypto se
tt
lement network
Dedicated account managers
Insured through Aon in London
Tight spread with no slippage
Secure MPC custody built in as standard

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Institutional eOTC
Rapid RFQs
eOTC harnesses the power of arti
fi
cial
intelligence and convenience of APIs
Click-of-a-bu
tt
on access to deep liquidity
(10+ Market Makers)
One place for price discovery and
execution
Completely private and anonymous
Aggregated liquidity includes limit orders
and RFQs
Price updates every 3 seconds
Se
tt
lements are automated and instant
using Copper’s infrastructure

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Get in touch
hello@copper.co
copper.co