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    Home»News»Binance Latest Feature to Allow Investors Trade Using Cold Custody 
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    Binance Latest Feature to Allow Investors Trade Using Cold Custody 

    Anietie DavidBy Anietie DavidJanuary 17, 2023Updated:January 17, 2023No Comments2 Mins Read
    Binance Latest Feature to Allow Investors Trade Using Cold Custody 
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    Binance will allow institutional investors to keep their collateralized crypto used for leveraged positions, off the platform with cold custody.

    Binance announced a new service, dubbed ‘Binance Mirror,’ an off-exchange settlement solution that enables institutional investors to access trading and investment products within the exchange ecosystem without having to physically place collateral on it.

    Investors will be able to deposit collateral on the exchange, and Binance Custody will store the assets offline in cold storage wallets. Given that the majority of cryptocurrency traders are required to retain their collateral on the exchange for trading, the new feature may prove to be a huge boon for investors dealing in leveraged markets. However, by employing cold storage wallets, customers may keep trading cryptocurrency during choppy sessions without worrying about significant outflows on an exchange. Users’ assets will also be protected from on-chain hacks, whereas hot wallets are vulnerable.

    The November collapse of FTX raised concerns about the cryptocurrency exchange’s ability to keep user assets safe, with regulators investigating FTX’s misuse of client funds. Markus Thielen, head of research and strategy at encryption service provider Matrixport, added that the feature is meant to build trust among institutions that their funds will remain safe. This is a positive development and shows that the #1 crypto exchange is making progress towards becoming an institution-focused cryptocurrency exchange.

    Binance’s Roadmap for 2023

    The dramatic collapse of cryptocurrency exchange FTX, which competes with Binance, last November marked turbulent times and an extended crypto winter. Concerns about the ability of centralized exchanges to protect user funds have increased. Several cryptocurrency firms have resorted to publishing proof-of-reserve reports to address concerns. However, many companies announced layoffs while others stopped hiring.

    Binance, on the other hand, plans to increase its headcount by as much as 30% this year. The CZ-led platform is also registered with the Swedish Financial Supervisory Authority as a financial institution managing and trading virtual currencies. This makes Sweden the seventh EU jurisdiction to approve Binance.

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    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

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