Key Points:

• Institutions can use Binance Mirror to lock up a specific amount of accessible asset balances in their Qualified Wallet, Binance Custody’s cold storage solution, and mirror their balances 1:1 to their Binance Exchange accounts.
• More than 60% of all assets on Binance Custody are held by Binance Mirror.

Binance Custody, a certified and compliant institutional digital asset custodian, announced the formal launch of Binance Mirror, an OTC settlement solution for users’ assets, on January 16.

Binance Custody, a regulated and compliant institutional digital asset custodian, announced the official launch of Binance Mirror, an over-the-counter settlement solution that allows institutions to access trading and investment products within the Binance Exchange ecosystem without the need to provide collateral directly on exchanges, on January 16. 

Institutions can use Binance Mirror to lock up a specific amount of accessible asset balances in their Qualified Wallet, Binance Custody‘s cold storage solution, and mirror their balances 1:1 to their Binance Exchange accounts. Their funds are maintained safely in segregated cold wallets ready for settlement at any time as long as their mirror positions remain open on the Binance exchange. It’s worth noting that assets in Binance Mirror make up more than 60% of all assets in Binance Custody.

The tool, known as Binance Mirror, could be a boon for crypto investors dealing in leveraged markets, as most crypto traders must retain their collateral on the exchange in order to trade. However, employing cold storage wallets allows users to continue trading cryptocurrency during volatile sessions without experiencing large outflows on an exchange.

Users’ assets would also be safe against on-chain hacks, which hot wallets are vulnerable to. The collapse of Binance’s rival FTX in November last year raised concerns about crypto exchanges’ ability to protect users’ assets, with regulators investigating FTX for misusing customer funds.

“This is an effort to instill confidence in institutions that their cash would be safe. It’s a positive sign that Binance is transforming into an institutional-focused cryptocurrency exchange “said Markus Thielen, head of research and strategy at Matrixport, a crypto services provider.

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.

Join us to keep track of news: https://linktr.ee/coincu

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News

Binance Mirror: OTC settlement solution For Over 60% Of Binance Custody Assets

Key Points:

• Institutions can use Binance Mirror to lock up a specific amount of accessible asset balances in their Qualified Wallet, Binance Custody’s cold storage solution, and mirror their balances 1:1 to their Binance Exchange accounts.
• More than 60% of all assets on Binance Custody are held by Binance Mirror.

Binance Custody, a certified and compliant institutional digital asset custodian, announced the formal launch of Binance Mirror, an OTC settlement solution for users’ assets, on January 16.

Binance Custody, a regulated and compliant institutional digital asset custodian, announced the official launch of Binance Mirror, an over-the-counter settlement solution that allows institutions to access trading and investment products within the Binance Exchange ecosystem without the need to provide collateral directly on exchanges, on January 16. 

Institutions can use Binance Mirror to lock up a specific amount of accessible asset balances in their Qualified Wallet, Binance Custody‘s cold storage solution, and mirror their balances 1:1 to their Binance Exchange accounts. Their funds are maintained safely in segregated cold wallets ready for settlement at any time as long as their mirror positions remain open on the Binance exchange. It’s worth noting that assets in Binance Mirror make up more than 60% of all assets in Binance Custody.

The tool, known as Binance Mirror, could be a boon for crypto investors dealing in leveraged markets, as most crypto traders must retain their collateral on the exchange in order to trade. However, employing cold storage wallets allows users to continue trading cryptocurrency during volatile sessions without experiencing large outflows on an exchange.

Users’ assets would also be safe against on-chain hacks, which hot wallets are vulnerable to. The collapse of Binance’s rival FTX in November last year raised concerns about crypto exchanges’ ability to protect users’ assets, with regulators investigating FTX for misusing customer funds.

“This is an effort to instill confidence in institutions that their cash would be safe. It’s a positive sign that Binance is transforming into an institutional-focused cryptocurrency exchange “said Markus Thielen, head of research and strategy at Matrixport, a crypto services provider.

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.

Join us to keep track of news: https://linktr.ee/coincu

Chubbi

Coincu News

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