Binance Launches Off-Exchange Settlement Solution ‘Binance Mirror’ for Institutional Clients
Binance, the largest crypto exchange and offering best-in-class service to its users, on Monday announced the launch of an off-exchange solution named “Binance Mirror”. Essentially, institutional investors can link their eligible cold wallets to Binance Custody to lock the collateral and the assets can be reflected in their exchange account.
Binance notes that as long as mirror positions remain open on the exchange, assets will be held in cold storage that can be liquidated at any time. Furthermore, the exchange also pointed out that the assets held in Binance Mirror account for more than 60% of all assets secured on custody. The exchange states that a growth opportunity was observed and experienced by Binance Mirror in the last quarter of 2022. Through the use of the mirror service, institutional investors have access to a range of products on the exchange, with “Institutional VIP Lending” and VP of Custody, Athena Yu, explaining that institutions are looking for top-notch security but along with the “deep liquidity offered by the Binance exchange.”
The Binance Custody VP says in his statement on Monday that he spent much of the last year perfecting his operations to provide assistance to customers with regards to unlocking the liquidity of their assets held safe in their cold storage. Also he is very excited about where he is today and can’t wait to introduce his upcoming new features that will definitely increase the functionality of Binance Mirror and all its possibilities even more.
The launch of Binance Mirror addresses and follows the exchange obtaining authorization in 7 EU countries. In early 2023 the company recently joined a consortium of certified sanctions experts. The company’s custody subsidiary, Binance Custody, was launched in December 2021 and also offers different wallet systems with different accounts. If we talk about the crypto exchange Binance, it has definitely been showcasing its services in the field of crypto and at the same time it is definitely one of the top crypto exchanges after the collapse of FTX.
