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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Crypto Hardware Wallet Ledger’s Asian Expansion Plans

Ledger known for protecting Cryptocurrencies with their popular multi currency hardware wallets is looking at expanding in Asia. It plans to utilize its new branch in the Asian busy town of Hong Kong, where Benjamin Soong is heading the Asian Pacific region.

In an exclusive interview with EJ Insight, Soong highlighted the severals ways Ledger will be looking out to expand in Asia.

Ledger’s Current Business Model

Ledger’s primary objective is to secure Cryptocurrencies in its advanced wallets which include the Nano and Nano S. Currently it ships to 165 countries, with a total sale of 1.5 million so far, with a whopping US$46 million in revenue recorded in 2017.

The latest offering is the Ledger Vault targetted towards the institutions such as hedge funds, crypto funds, exchanges, banks and custodians.

Ledger also is focusing on the Internet of Things in relation to security points.

The Asian Crypto Market

In the interview Soong, spoke about the importance of China and Korea in terms of Cryptocurrency markets. He touched on some interesting statistics such as 70% of the biggest Cryptocurrency exchanges being based in the Asia Pacific region with the right mix of retail and institutional investors.

Soong specified that exchanges are what needs to be protected at the present moment. It is likely that Ledger could partner up with exchanges to provide a secure Cryptocurrency wallet given that Cryptocurrency exchanges are being targetted by hackers.

Questions still remain in terms of Cryptocurrencies in the two most populated countries in the world – China and India. While China is over-regulated, the scenario could change soon given that certain areas have showcased their Blockchain and Crypto presence. As for India, a number of Cryptocurrency enthusiasts such as Blockchained India are doing all they can to help gain a more favourable legal environment for the digital assets.

With companies like Ledger displaying their active interest in Asia, it showcases the rapid developments taking place for Blockchain and Cryptocurrency in the region.