The world’s biggest crypto exchange, Binance, declared that its custodian company has presented an off-exchange settlement choice for institutional customers. By using this solution, institutional investors can lock up digital assets in a qualified cold storage wallet and include them in their yearly reports. Binance Exchange account with a 1:4 balance

Binance Mirror Aims to Provide Liquidity to Cold Storage Assets of Institutional Investors

On Monday, Binance reported the launch of an off-exchange settlement service named “Binance Mirror”. Basically, institutional investors can lock up collateral by linking their cold wallets with Binance Custody. The assets can then be reflected on their Binance Exchange account.

Binance states that the assets held in cold storage will remain secure as long as the mirror position stays open. The crypto exchange also mentioned that Binance Mirror recorded significant growth in the last quarter of 2022. Moreover, institutions have access to the products through the mirror service, such as exchange and “institutional VIP loans”.

Athena Yu, Vice President Of Binance Custody, explained that institutions are seeking top-tier security, but also “the great liquidity that Binance Exchange provides.” “We spent much of the past year refining its operations to help our clients unlock liquidity from their assets held in our cold storage,” Binance Custody’s Vice president stated in a statement Monday. “We are very excited about where we are today and can’t wait to introduce our next new features that will further elevate the functionality of Binance Mirror.”

The launch of Binance Mirror follows the authorization of the exchange in seven countries of the European Union. In the early 2023, the company joined an association of certified sanction specialists. Binance Custody, Binance’s custodian subsidiary, launched in December 2021, and offers segregated account systems and wallets.

What do you think of Binance’s new over-the counter settlement solution – Binance Mirror? Let us know your thoughts on this subject by leaving comments below.

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Jamie Redman is the news lead at Bitcoin.com News and a fintech journalist living in Florida. Redman has been a continuous member of the cryptocurrency community since 2011 and is passionate about decentralized and open source protocols. Since September 2015, he has written more than 6,000 articles for Bitcoin.com News. Learn more about the revolutionary protocols emerging nowadays.