• Binance has officially launched its institutional trading collateral custody platform called Mirror.
• The platform allows institutional traders to store their trading collateral away from the exchange in cold wallets.
• Binance Mirror offers the security benefits institutional investors require for custody of their assets.
Binance, a leading crypto exchange platform, has announced the official launch of its new platform, Binance Mirror. Binance Mirror is designed to provide institutional traders with a secure and efficient way to store their trading collateral away from the exchange. This platform is part of Binance’s Custody service and offers a range of benefits to traders.
Binance Mirror is designed to give institutional traders the option of securing their collateral away from the exchange, while still having access to it when they need it. This is done by mirroring the balance in the trader’s trading wallet on Binance. This means that the collateral remains active and is open on the exchange during the duration of a trade.
In addition to keeping collateral away from the exchange, Binance Mirror also offers traders the option of taking out VIP loans against their mirrored balance. This loan is secured by the collateral in the mirrored balance, which is kept separate from exchange-held funds for the duration of the loan. This gives traders more flexibility in how they use their collateral.
Athena Yu, VP of Binance Custody, stated that Binance Mirror offers the security benefits institutional investors require for custody of their assets. Binance spent much of last year refining the platform’s operations to ensure that clients could unlock the liquidity of their assets held in cold storage.
Binance Mirror is an important step forward in the world of institutional trading, allowing traders to securely store their collateral while still having access to it when they need it. With the platform now officially launched, Binance looks forward to seeing an increase in adoption of its services.