- Binance’s off-exchange settlement solution Binance Mirror to benefit institutional investors.
- The solution is offered via Binance Custody, a regulated institutional digital assets platform.
- Binance Mirror currently accounts for more than 60% of assets on Binance Custody.
Binance is looking to grow confidence among institutional investors through a brand new service dubbed Binance Mirror.
In an announcement published on Monday, the global crypto exchange giant said the service will be accessible via Binance Custody, the exchange’s regulated institutional crypto custody solution.
Binance Mirror, according to the press release, is an off-exchange settlement solution designed to help institutions to trade and invest in products across the Binance ecosystem through cold custody.
Security key for investors
The crypto space remains much within the chaos that followed the collapse of FTX, with centralised exchanges including Binance seeing a significant slash of customer deposits as uncertainty mounted. Amid this has been the push for self-custody, which has been fueled by the fears around more CEXs folding.
But Binance says its new product protects institutional investors.
Instead of posting collateral directly onto the Binance exchange, institutions will leverage Binance Mirror to lock specified asset balances in the cold storage solution, with these mirrored on their exchange accounts at a 1:1 balance.
On the security of these assets, the Binance team wrote:
“Their assets remain secure in their segregated cold wallet for as long as their Mirror position remains open on the Binance Exchange, which can be settled at any time.”
Binance Custody launched in December 2021, a custodian platform separate from the Binance exchange &- it has a segregated cold wallet system. The unveiling of Binance Mirror is already seeing adoption of the custodial platform reach new levels. As noted in today’s announcement, the new product currently accounts for over 60% of the total assets on Binance Custody.
Athena Yu, the VP of Binance Custody, emphasised on the issue of security for investors.
“Security is a top priority for institutions, who also desire the deep liquidity that the Binance Exchange offers. Binance Mirror brings the best of both worlds,” Yu said in a statement.
According to the exec, Binance spent most of 2022 refining its operations as it looked to enable clients to tap into benefits of unlocked liquidity. Mirror’s launch therefore offers the crypto company an opportunity to introduce new features aimed at taking the cold custody functionality to the next level.
The post Binance rolls out off-exchange settlement solution for institutions appeared first on CoinJournal.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments