Binance Introduces the “Binance Mirror” Off-Exchange Settlement Solution for Institutional Clients

Must read

The largest cryptocurrency exchange by volume of trading, Binance, stated that its custody division had started offering institutional clients an off-exchange settlement option.

With this service, organizations can lock a certain amount of cryptocurrency in a certified cold storage wallet, and the assets will be replicated with a 1:1 balance on their Binance exchange account.

Institutional Investors Can Access Liquidity Through Assets Stolen in Cold Storage Thanks to Binance Mirror

Binance announced the introduction of “Binance Mirror,” an off-exchange settlement option, on Monday.

In essence, institutional investors can lock collateral by establishing a connection between Binance Custody and their approved cold wallet.

Their Binance exchange account can then be mirrored with the assets.

Binance adds that as long as the mirror position is open on the Binance exchange and can be resolved at any time, the assets in the cold storage will be kept secure.

Institutional investors can access the variety of products on the Binance exchange as well as “institutional VIP Loans” by utilizing the mirror service. Institutions want top-notch security but also “the deep liquidity that the Binance Exchange delivers,” according to Athena Yu, vice president of Binance Custody.

The Binance Custody VP stated in a statement on Monday that “We spent most of last year perfecting its operations to enable our clients unleash the liquidity of their assets housed in our cold storage.”

Binance Custody, a subsidiary of Binance that offers segregated accounts and wallet solutions, was established in December 2021.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Latest article