The new service is based on Binance Custody which happens to be a regulated institutional digital asset custodian.
The FTX crisis has put even more heat on centralized crypto exchanges, and cold wallets have all the focus now. It is only natural for the world’s largest crypto exchange to allow institutional players to keep their crypto in cold storage solution.
Binance announced a new service, dubbed ‘Binance Mirror,’ an off-exchange settlement solution that enables institutional investors to access trading and investment products within the exchange ecosystem without having to post collateral directly on it., institutions can lock a specific amount of their asset balance in Binance Custody’s cold storage facility and mirror it onto their exchange account with a 1:1 balance.
The move will essentially enable investors to continue trading even during volatile sessions without getting hit by massive outflows on an exchange.“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.
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