🚨 Time is Running Out: Reserve Your Spot in the Lucky Draw & Claim Rewards! START NOW
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!

Crypto Exchange Binance Rolls Out Off-Exchange Settlement Solution

Crypto Exchange Binance Rolls Out Off-Exchange Settlement Solution

The Binance Mirror solution allows institutions to access the Binance Exchange ecosystem without posting "collateral directly on the exchange.”

Binance, the largest cryptocurrency exchange in terms of daily trading volumes, has launched an off-exchange settlement solution called Binance Mirror.

According to the announcement shared on January 16th, the Binance Mirror service is supported through Binance Custody, “a regulated and compliant institutional digital asset custodian.”

How to Store NFTs in 2023 (3 Most Secure Ways Explained)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

How to Store NFTs in 2023 (3 Most Secure Ways Explained)

How to Store NFTs in 2023 (3 Most Secure Ways Explained) How to Store NFTs in 2023 (3 Most Secure Ways Explained)

By using Binance Mirror, institutional clients can access the Binance Exchange ecosystem without the need to “post collateral directly on the exchange.”

In a nutshell, through Binance Mirror, institutions lock a specific amount of their assets on the Binance Custody cold storage solution, Qualified Wallet, and mirror their balances onto Binance Exchange accounts with a 1:1 balance.

After mirroring their assets, institutions can reportedly use their crypto to “access a wide range of products, including institutional VIP Loans” on Binance Exchange.

When talking about the release of Binance Mirror, Binance’s spokesperson noted:

We built Binance Mirror last year and have been testing it with our institutional users. User feedback has been positive and we are happy to announce and market it officially now.

In the announcement, Binance claimed that at the end of 2022, the use of Binance Mirror solution grew significantly. At the end of the year, institutions reportedly mirrored 67% more assets from Binance Custody to Binance Exchange.

It can be assumed that the use of the Binance Mirror solution grew due to the collapse of the cryptocurrency exchange FTX and the increased spread of FUD.

In the announcement, Binance Custody Vice President (VP) Athena Yu stated that through Binance Mirror, institutional clients can enjoy security and deep liquidity.

We spent much of last year refining <Binance Mirror> operations to help our clients unlock the liquidity of their assets held in our cold storage. 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.

Currently, the solution is available to institutional investors. In the announcement, Binance did not disclose plans to launch a similar initiative to retail investors.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

Loading...
binance
×
Verified

$600 WELCOME BONUS

Earn Huge Exclusive Binance Learners Rewards
Rating