Binance makes eyes on the institutions – The fall of FTX’s empire Many things have been revealed about Sam Bankman-Fried Created what has become fashionable to call it A crisis of confidence. In the face of this turbulent atmosphere, Binance intends to reassure investors, especially institutional investors. Target? That the latter not escape from centralized platforms in favor of decentralized protocols. Thus the crypto platform introduces a new service for organizations to keep their crypto secure: Binance Mirror.
Binance offers an enterprise cold wallet
This new feature will be managed by Binance custodyAn enterprise encrypted infrastructure solution. The Binance branch will hold its clients’ assets in so-called cold storage wallets (cold wallet).
Why the excitement about this ad? Understand that most investors who offer cryptocurrency loans or even leveraged trading must hold their cryptocurrency on the exchange they use. right Now ,FTX breakdown Last November, or last spring Celsiusthey raised concerns about the ability of cryptocurrency exchanges to keep user assets safe.
Through Binance Mirror, organizations lock a specified amount of available asset balance into their eligible wallet, the Binance Custody cold storage solution, and reflect it in their Binance Exchange account with a 1:1 balance. Their assets remain secure in their separate cold wallet (…)” .
Binance Press Release – Source: Binance Custody
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Binance: Security for Investors
Thus, as Binance shows us, this decision aims to reduce risks for institutional investors. In fact, you want the crypto platform too Encouraging users to use their services. By offering them a custodial service, Binance will solve one of the problems that puts investors off the most:Unsafe. Athena Yuvice president Binance custodyAs follows:
“Security is a top priority for institutions, who also want the deep liquidity that Binance Exchange provides. Binance Mirror offers the best of both worlds (…) We have spent most of the past year improving its processes to help our clients unlock liquidity for their owned assets. We are very excited about what We are at it today and we look forward to showcasing our upcoming new features that will further enhance the functionality of Binance Mirror.”
Binance is not the first to confirm interest in institutional investors. Last week, an investment arm of Samsung About the launch of the Bitcoin ETF on the Hong Kong Stock Exchange. This interest despite the crypto winter gives us a glimmer of hope while some, like Bill Gates, still believe Cryptocurrency is based on the “big fool theory”.
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