Binance is ready to release Binance Mirror that is a service offering its clients a means to store their digital assets in cold custody.
Even in the current storm in the centralized cryptocurrency exchange industry, popular exchange platform, Binance, seeks to offer more products and services to its customers, with the latest being cold storage custody.
The institution announced on Monday that Binance Mirror is set to make its debut in the market. According to a representative of Binance, Binance Mirror has been in the works since 2022:
“We built Binance Mirror last year and have been testing it with our institutional users. User feedback has been positive, and we are happy to announce and market it officially now.”
The recently developed service will allow institutional investors to purchase and exchange cryptocurrencies through the means of cold custody. If these investors open their Mirror position on the exchange, their assets can be secured in the segregated cold wallets. Binance Mirror is embedded in Binance Custody and its principle of operation is to mirror cold-storage crypto through 1:1 collateral owned on a Binance profile.
About Binance Custody
The custodian platform was established in 2021 and features several cold-storage solutions. The solutions on Binance Custody protect digital assets against loss, theft, damage, and internal collusion. Last year, the regulated institutional virtual asset custodian procured cold-wallet insurance in Lithuania to use a virtual asset custody solution.
In the announcement, the exchange platform highlighted that Binance Mirror will offer its users more security. Hence, interested individuals or groups will be able to access Binance without the need to directly upload collateral on the exchange platform.
Athena YU, the VP of Binance Custody, stated about Binance Mirror pridefully:
“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.’’