Cryptocurrency exchange with the world’s largest trading volume , Binance announced that its custody business has launched an off-exchange settlement solution for institutional investors. With this solution, institutions can lock a specified amount of crypto in a certified cold storage wallet, with assets mirrored to their Binance exchange account with a 1:1 balance.
Binance Mirror will allow institutional investors to access liquidity via assets held in cold storage
On Monday, Binance announced the launch of an off-exchange payment solution called “Binance Mirror.” Essentially, institutional investors will be able toqualify their cold walletsby connecting them to Binance Custody. Collateral can be locked. Assets can then be mirrored to your Binance exchange account.
Binance has stated that assets in cold storage are safe as long as a mirror position is open on the Binance exchange for settlement at any time. The crypto exchange also detailed that assets held in Binance Mirror “account for over 60% of his total assets under custody under Binance Custody.” According to the exchange, Binance Mirror experienced significant growth in the final quarter of 2022.
By using the Mirror Service, institutional investors can access a wide range of products on the Binance Exchange, as well as “Institutional VIP Loans”. Athena Yu, Vice President of Binance Custody, explained that financial institutions want not only the highest security, but also “deep liquidity offered by Binance Exchange.”
“We spent much of the last year improving our operations to help our clients unlock liquidity on assets held in cold storage,” Binance Custody VP said in a statement on Monday. said in “We are very excited about where we are today and can’t wait to introduce upcoming new features that will make Binance Mirror even better.”
Binance Mirror’s launch , following the exchange’s approval in seven countries of the European Union. In early 2023, the company also recently joined the Association of Accredited Sanctions Professionals. Binance Custody, Binance’s custody subsidiary, will launch in December 2021, offering a segregated account and wallet system.
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