Binance, a leading cryptocurrency exchange, has just announced the debut of its mirror platform, Binance Mirror. Binance Custody, a reputable digital asset custodian that adheres to all applicable regulations, has launched its first off-exchange settlement service.
Binance exchange now allows institutions to access investment and trading products through Binance without directly sharing any collateral. With Binance Mirror, users can lock a particular asset amount in the Qualified Wallet.
Afterward, institutions can mirror the cold storage wallet until the Mirror position stays open on Binance. The exchange allows users to settle their position at any moment. The 2022 Q4 witnessed an increase in the adoption of Binance Mirror.
The platform reported a 67% increase in assets mirrored from Binance Custody to Exchange. Overall, the assets in Binance Mirror accounted for over 60% of the total assets saved on Binance Custody. It signaled a growth in institutional trust in the off-exchange solution.
Athena Yu, Binance Custody’s Vice President, addressed the situation recently. According to Yu, security remains the primary priority for institutions, along with liquidity. While Binance Exchange addresses the liquidity part, Binance Custody ascends with both properties.
The company spent a major chunk of 2022 optimizing its operations to help clients unlock their assets’ liquidity. Everyone is delighted about Binance’s current position and what the exchange is about to unveil. The upcoming features will evolve Binance Mirror’s capabilities even more.
Binance launched Binance Custody, its subsidiary, in 2021 as a dedicated custodial platform. It boasts separate wallet and account systems that overcome the issues institutions face in the virtual asset economy. Much like Binance Exchange, the platform has been a massive hit among users.
Given Binance’s involvement and dedication, Binance Mirror is also expected to be a crowd-pleaser.