Binance introduces out -of -the -counter settlement solution Binance Mirror for institutional customers -
Binance introduces out -of -the -counter settlement solution Binance Mirror for institutional customers -
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The largest crypto-asset exchange according to the global trade volume, Binance, announced that their custody business has introduced an out-of-the-counter settlement solution for institutional customers. With this solution, institutions can block a certain amount of crypto with a qualified cold storage wallet, and assets are mirrored with a 1-1 balance on their Binance stock exchange account.
Binance Mirror enables institutional investors access to liquidity via assets kept in the cold store
on Monday, Binance announced Mirror ”. Basically, institutional investors can block collateral by using their Qualified cold wallet with Binance Custody. The assets can then be mirrored on their Binance stock exchange account.
Binance points out that assets are safely kept in the cold store as long as the mirror position on the bony exchange remains open, which can be billed at any time. The crypto exchange also stated that the assets held in Binance Mirror "make up more than 60 % of all assets secured on Binance Custody". According to the stock exchange, Binance Mirror recorded significant growth in the last quarter of 2022.
By using the mirror service, institutional investors have access to the product range of the Bony Exchange and "Institutional VIP loan". Athena Yu, Vice President of Binance Custody, explained that institutions are looking for first -class security, but also for "deep liquidity that Binance Exchange offers".
"We have spent a large part of the last year to refine its processes to help our customers release the liquidity of their assets kept in our cold storage," said the VP of Binance Custody in a statement on Monday. "We are very excited to see where we are today and can hardly wait to present our upcoming new functions that will improve the functionality of Binance Mirror even further."
The start of Binance Mirror follows the stock market profit approval in seven countries of the European Union. At the beginning of 2023, the company recently joined an association of certified sanction specialists. The Custody subsidiary of Binance, Binance Custody, was founded in December 2021 and offers separate accounts and wallet systems.
What do you think of Binance Mirror, the new out -of -the -counter settlement solution from Binance? Share your opinion on this topic in the comment area below.
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