blockchain

Binance Custody Launched Binance Mirror for Cold Custody

Did you hear? Binance will now let institutions store crypto with cold custody without having to post collateral directly on the exchange. Here’s everything you need to know about it!

Cointelegraph reported that cryptocurrency exchange Binance has begun to improve its institutional trading services by utilizing cold-custody chances.

According to Cointelegraph, Binance will launch its Binance Mirror, an off-exchange settlement solution for institutional investors employing cold custody, on January 16, 2023. The Mirror service is thought to have been inspired by Binance Custody, a regulated institutional digital asset custodian. Furthermore, the capability involves mirroring cold-storage assets with 1:1 collateral held on the Binance account.

What’s More? 

For the duration of the open mirror position on the Binance Exchange, which can be settled at any time, Binance has assured customers that their cold storage assets will be safe. According to the firm, “more than 60% of all assets secured on Binance Custody” are kept on Binance Mirror. Athene Yu, vice president of Binance Custody, said that institutional investors can use the mirror service to gain access to “institutional VIP Loans” and a wide range of items on the Binance exchange. As Yu put it, “the deep liquidity that the Binance Exchange offers” is a big draw for institutions, but top-notch security is also important in light of recent market developments.

More About Binance Custody:

Binance Custody is a custodian platform that was introduced in 2021. It has its own cold storage solutions and protects protected assets against physical loss, damage, theft, and internal collusion.

Binance Custody is a bank-grade custody service that was developed exclusively for institutions to use for the storage and management of their digital assets. The service is independent, compliant, insured, and audited. Access robust security and liquidity venues from anywhere in the world with the Binance Custody app, which supports more than ten different blockchains and more than five hundred different assets. 

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