The crypto exchange Binance announced that its custody business has launched an off-exchange settlement solution for institutional clients.
with Binance Custody. The assets can then be mirrored on their Binance exchange account.
Binance notes that assets in the cold storage will be kept safe as long as the mirror position remains open on the Binance exchange, which can be settled at any time. The crypto exchange also detailed that assets held in Binance Mirror “account for more than 60% of all assets secured on Binance Custody.” The exchange said Binance Mirror experienced significant growth during the final quarter of 2022.
By using the mirror service, institutional investors have access to the range of products on the Binance exchange, as well as “institutional VIP Loans.” Athena Yu, the vice president of Binance Custody, explained that institutions are looking for top-notch security but also “the deep liquidity that the Binance Exchange offers.”
“We spent much of last year refining its operations to help our clients unlock the liquidity of their assets held in our cold storage,” the Binance Custody VP said in a statement on Monday. “We’re very excited about where we are today and can’t wait to introduce our upcoming new features that will elevate Binance Mirror’s functionality even further.”
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