Assets in Binance Mirror account for more than 60% of all assets secured on Binance Custody
Binance Custody, a regulated and compliant institutional digital asset custodian, today announced the official launch of Binance Mirror, its off-exchange settlement solution enabling institutions to access trading and investment products within the Binance Exchange ecosystem without having to post collateral directly on the exchange.
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. Their assets remain secure in their segregated cold wallet for as long as their Mirror position remains open on the Binance Exchange, which can be settled at any time.
Adoption and use cases for Binance Mirror grew significantly in the last quarter of 2022 with a 67% increase in assets mirrored from Binance Custody to the Binance Exchange. In total, assets in Binance Mirror account for more than 60% of all assets currently secured on Binance Custody, signaling growing institutional confidence in the custodian’s off-exchange 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,” shares Athena Yu, VP of Binance Custody. “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.”
Institutions can use their mirrored assets on the Binance Exchange to access a wide range of products, including institutional VIP Loans. This new use case was successfully executed through Binance Mirror while the client’s collateral, required to apply for the loan, remained segregated in their Binance Custody Qualified Wallet.
Binance Custody was launched in December 2021 as a separate, dedicated custody platform separate from Binance Exchange, with segregated account and wallet systems that address the security and operational challenges faced by institutions participating in the digital asset economy.
About Binance Custody
Binance Custody is a regulated, compliant, institutional-grade custody infrastructure offering integrated custody solutions that are ISO 27001 & 27701 certified and SOC Type 1 & Type 2 attested. Its multi-party computation (MPC) technology, combined with a customizable multi-approval scheme, provides bespoke solutions allowing institutional clients to safely store and manage their digital assets while also benefiting from its secure gateway to a wide range of liquidity products by way of its connectivity to the Binance ecosystem.
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