Binance has availed exclusive access to an off-exchange settlement solution; MirrorX for its VIP and institutional clients. In today’s blog post, the crypto exchange revealed that the tool was recently released by its institutional custody partner; Ceffu. As announced, MirrorX will provide Binance’s corporate clients with a secure gateway to the cryptocurrency exchange.
Furthermore, Binance revealed that with the integration, corporate clients using Ceffu’s custody platform can access the crypto exchange without the stress of having to move their assets. According to the cryptocurrency exchange, the integration emanated as part of its commitment to ensuring a seamless trading experience for its clients.
In the announcement, Binance indicated that the tool allows Binance VIP and Institutional clients to store their digital assets in Ceffu’s third-party crypto custody. Consequently, “mirroring” their virtual assets instantaneously to a designated sub-account on Binance at a 1:1 ratio.
Additionally, the exchange added that the integration will aid its institutional clients in managing trading risks. In the announcement, Binance noted that the development will have an instantaneous availability of users’ funds transferred from Ceffu to the crypto exchange.
Meanwhile, Binance’s Head of VIP and Institutional, Catherine Chen provided insights into the development. The executive disclosed that the integration of MirrorX emanated as a result of user feedback and market requests.
Further, Catherine Chen added that the integration will support users to manage their risk and still enjoy seamless access to liquidity. The executive added that the tool has positioned Binance at the forefront of institutionalizing the digital asset ecosystem.
How Binance has intensified efforts toward ensuring the growth of the crypto ecosystem
It is worth mentioning that the recent integration of MirrorX came on the heels of the exchange’s collaboration with Taiwan authorities to combat cyber crimes. According to a Binbits report, the collaboration came into play as part of the cryptocurrency exchange’s effort against cybercrime.
As a result of the partnership, Binance organized a workshop in Taiwan with 70 prosecutors in attendance. The report revealed that the workshop focuses on cybercrime and the mediums of combating it. Then, the prosecutors were trained on how to track and investigate cyber crimes.
Aside from the focus on combating cybercrime, Binance in recent times has financially contributed to the advancement of the DeFi space. As reported, in August, the exchange made a strategic investment in Pendle Finance. The investment according to reports surfaced as part of the exchange’s commitment to supporting promising startups.
With these contributions, of late, Binance has further cemented its status as a force to reckon with in the crypto landscape. The exchange with the increasing support has extended its dominating presence as the largest crypto exchange by trading volume.