Binance Custody Launches “Binance Mirror” For Institutional Investors To Access Cold Custody

On Jan 16, Binance Custody, a secure and regulated digital asset custodian, officially launched “Binance Mirror,” which allows the exchange’s customers to access their trading and investment products within its ecosystem. It is an off-exchange settlement solution to access customer’s assets using cold custody.

Although the FTX crypto exchange Crisis has raised criticism on centralized exchanges, institutional players are now focusing on cold wallets. That’s why the world’s largest crypto exchange is moving to enhance its institutional trading with cold-custody service.

This new off-exchange settlement solution provides the opportunity for institutional investors to lock the specific amount of the balance in cold custody and mirror it onto the exchange account with 1:1 ratio. As long as their Mirror position is open on the exchange, which may be settled at any time, their assets will be safe in their cold wallet.

VP of Binance Custody, Athena Yu, said: 

Security is a top priority for institutions, who also desire the deep liquidity that the Binance Exchange offers. Binance Mirror brings the best of both worlds. We spent much of last year refining its operations to help our clients unlock the liquidity of their assets held in our cold storage.

Binance 2023 Strategic Roadmap

This new off-exchange settlement solution grew dramatically in Q4 of 2022. The assets were raised to 67% and mirrored from its Custody platform’s to the exchange. Binance Mirror currently secures 60% of all assets on the exchange’s Custody platform. 

Following the launch of Binance Mirror, the largest exchange is growing into developments, by intending to increase its workforce up to 30%(Here) this year. In addition, it also joined an association of qualified sanctions professionals at the beginning of 2023. However, Binance got approval in seven European Union nations.

Related Reading | 15 Years Jail For £21m ($25m) Illegal Digital Assets Acquisition In Australian Crypto Exchange

The exchange also received approval from the Swedish Financial Supervisory Authority to operate as a financial institution for the trading of virtual currency. Sweden becomes the seventh EU country to approve Binance.

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