Cryptocurrency exchange, Binance, is moving to improve its institutional trading services by allowing institutions to store cryptocurrencies through cold-keeping opportunities, amid the crisis of centralized cryptocurrency exchanges (CEX).
On Monday, Binance announced the official launch of the Binance Mirror, an over-the-counter settlement solution that enables institutional investors to invest and trade using cold custody, Coin Telegraph reported.
The newly launched (Binance Mirror) service is based on Binance Custody, a regulated institutional digital asset custodian, and involves copying cold storage assets through a 1:1 collateral in the Binance account.
Binance has confirmed that the new solution provides more security, allowing traders to access the exchange system without the need to post collateral directly on the platform, explaining that the traders’ assets will remain safe in their separate cold wallet as long as their (Mirror) deal remains open on the Binance exchange. , which can be settled at any time.
Launched in 2021, Binance Custody is a custody platform with its own cold storage solutions, covering assets secured against physical loss, damage, theft, and insider collusion.
In March 2022, Binance Custody acquired Lithuania-based Cold Wallet Insurance to operate an enterprise-class digital asset custody solution.
The Mirror service represents more than 60% of all assets insured on Binance Custody.
