binance news

Binance Introduces New Off-Chain Settlement Service

Binance Custody Launches Binance Mirror

In order to enable institutional investors to use and maintain assets off-chain for collateralized leveraged positions, Binance Custody has introduced Binance Mirror.

“Through Binance Mirror, institutions lock a specified amount of their asset balance available in their Qualified Wallet, Binance Custody’s cold storage solution, and mirror it onto their Binance Exchange account with a 1:1 balance,” writes the blog.

According to the January 16 release, institutional investors will be able to use Binance Mirror to access trading and investing products from Binance without needing to place assets on the exchange. As long as consumers maintain an open position on Binance, the funds will be kept in cold wallet storage.

Binance Mirror will give institutions added security to the assets they use with Binance and eliminate the vulnerabilities that can occur when keeping assets in hot wallets on the chain.

Binance confirmed that assets kept on Binance Mirror “account for more than 60% of all assets currently secured on Binance Custody.” The Exchange believes this shows that institutions and users are confident in the new off-chain solution.

“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,” added Athena Yu, VP of Binance Custody in the blog. “We spent much of last year refining its 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.”

Binance Custody: What Is It?

Offering integrated custody solutions that are ISO 27001 & 27701 certified and SOC Type 1 & Type 2 confirmed, Binance Custody is a regulated, compliant, institutional-grade custody infrastructure. As a result of its multi-party computation (MPC) technology and adaptable multi-approval system, it offers institutional clients specialized solutions that enable them to securely store and manage their digital assets as well as take advantage of its secure gateway to a variety of liquidity products thanks to its connectivity to the Binance ecosystem.

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