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News

Binance Announces Integration Of Ceffu’s OTC Settlement Solution MirrorX

August 28, 2023 - Around 2 mins mins to read

Key Points:

  • Binance introduces MirrorX, partnering with Ceffu to swiftly mirror digital assets for VIP and institutional clients.
  • MirrorX allows seamless 1:1 mirroring of assets from Ceffu to Binance sub-accounts, providing immediate access to that platform’s trading options.
  • With automatic off-exchange settlements and third-party custody, the exchange prioritizes security and convenience for its VIP and Institutional clients.
Binance, the leading cryptocurrency exchange, has unveiled a strategic partnership with institutional custody provider Ceffu, introducing an innovative over-the-counter settlement solution called MirrorX.
Binance Announces Integration Of Ceffu's OTC Settlement Solution MirrorX

According to an official blog post on August 28, the collaboration allows Binance VIP and institutional customers to store their digital assets in Ceffu’s third-party crypto custody. These assets are then seamlessly “mirrored” to a designated sub-account on Binance, maintaining a 1:1 ratio.

MirrorX introduces instantaneous asset delegation, enabling the immediate reflection of digital asset transfers from Ceffu to Binance sub-accounts. This arrangement empowers clients to swiftly access their funds within its ecosystem, including features like Spot, Margin, and Futures trading.

Clients utilizing MirrorX enjoy the added advantage of automatic off-exchange settlements executed the next day (T+1) at no additional cost. Moreover, the solution facilitates risk diversification by safeguarding assets in independent, third-party custody, enhancing security while capitalizing on the platform’s liquidity.

To leverage this service, Binance VIP and Institutional clients must establish an account with the exchange and complete their Know Your Business (KYB) verification process. Existing Ceffu account holders will create a new sub-account specially designated for MirrorX.

It’s important to emphasize that Ceffu currently caters exclusively to corporate customers. This innovative partnership highlights the exchange’s commitment to elevating asset security and expanding the scope of services for institutional clients in the dynamic cryptocurrency landscape.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Binance

Binance VIP

Ceffu

MirrorX

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Binance Announces Integration Of Ceffu’s OTC Settlement Solution MirrorX

Key Points:

  • Binance introduces MirrorX, partnering with Ceffu to swiftly mirror digital assets for VIP and institutional clients.
  • MirrorX allows seamless 1:1 mirroring of assets from Ceffu to Binance sub-accounts, providing immediate access to that platform’s trading options.
  • With automatic off-exchange settlements and third-party custody, the exchange prioritizes security and convenience for its VIP and Institutional clients.
Binance, the leading cryptocurrency exchange, has unveiled a strategic partnership with institutional custody provider Ceffu, introducing an innovative over-the-counter settlement solution called MirrorX.
Binance Announces Integration Of Ceffu's OTC Settlement Solution MirrorX

According to an official blog post on August 28, the collaboration allows Binance VIP and institutional customers to store their digital assets in Ceffu’s third-party crypto custody. These assets are then seamlessly “mirrored” to a designated sub-account on Binance, maintaining a 1:1 ratio.

MirrorX introduces instantaneous asset delegation, enabling the immediate reflection of digital asset transfers from Ceffu to Binance sub-accounts. This arrangement empowers clients to swiftly access their funds within its ecosystem, including features like Spot, Margin, and Futures trading.

Clients utilizing MirrorX enjoy the added advantage of automatic off-exchange settlements executed the next day (T+1) at no additional cost. Moreover, the solution facilitates risk diversification by safeguarding assets in independent, third-party custody, enhancing security while capitalizing on the platform’s liquidity.

To leverage this service, Binance VIP and Institutional clients must establish an account with the exchange and complete their Know Your Business (KYB) verification process. Existing Ceffu account holders will create a new sub-account specially designated for MirrorX.

It’s important to emphasize that Ceffu currently caters exclusively to corporate customers. This innovative partnership highlights the exchange’s commitment to elevating asset security and expanding the scope of services for institutional clients in the dynamic cryptocurrency landscape.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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