Binance launches Mirror, an off-exchange solution for storing crypto
Binance Custody, now called Ceffu, officially launched Mirror on January 17th to offer access to trading and investment products within the Binance ecosystem, using cold custody.
The new Mirror service provides institutions with the opportunity to lock a set amount of their assets and mirror it with a 1:1 balance into their Binance account. “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,” posted Ceffu on its official blog.
In the last quarter of 2022, the adoption and usage of Mirror increased massively, with 67% in assets mirrored from Ceffu to the Binance Exchange. Athena Yu, VP of Ceffu, stated “Security is a top priority for institutions, who also desire the deep liquidity that the Binance Exchange offers. Mirror brings the best of both worlds.”
After the decline and collapse of FTX, investors are now leaning towards self-custodying instead of storing their assets on CEXs. Binance saw a significant drop in liquidity in late 2022, with several billions of dollars in crypto left the platform.
Sources: www.ceffu.com, cointelegraph.com
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Diego Kebork
Binance Custody, now called Ceffu, officially launched Mirror on January 17th to offer access to trading and investment products within the Binance ecosystem, using cold custody.
The new Mirror service provides institutions with the opportunity to lock a set amount of their assets and mirror it with a 1:1 balance into their Binance account. “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,” posted Ceffu on its official blog.
In the last quarter of 2022, the adoption and usage of Mirror increased massively, with 67% in assets mirrored from Ceffu to the Binance Exchange. Athena Yu, VP of Ceffu, stated “Security is a top priority for institutions, who also desire the deep liquidity that the Binance Exchange offers. Mirror brings the best of both worlds.”
After the decline and collapse of FTX, investors are now leaning towards self-custodying instead of storing their assets on CEXs. Binance saw a significant drop in liquidity in late 2022, with several billions of dollars in crypto left the platform.
Sources: www.ceffu.com, cointelegraph.com
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