Binance Launches ‘Binance Mirror’ Off-Exchange Settlement Solution

1. Binance Custody has officially launched its off-exchange settlement solution.
2. The Binance Mirror solution will enable institutions to access trading and investment products.
3. One of the accessible products is the institutional VIP Loan.

Binance Custody, an institutional digital asset custodian that is regulated and compliant, has announced the official launch of Binance Mirror, its off-exchange settlement solution. This solution enables institutions to access trading and investment products within the Binance Exchange ecosystem without having to post collateral directly on the exchange.

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Through Binance Mirror, institutions will be able to lock a specified amount of their asset balance available in their Qualified Wallet, Binance Custody’s cold storage solution, and mirror it onto their Binance Exchange account with a 1:1 balance. 

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. This is according to Binance Custody`s blog post.

According to Athena Yu, VP of Binance Custody, Security is a top priority for institutions, who also desire the deep liquidity that the Binance Exchange offers.

Athena also added;

“We spent much of last year refining its operations to help our clients unlock the liquidity of their assets held in our cold storage. We’re very excited about where we are today and can’t wait to introduce our upcoming new features that will elevate Binance Mirror’s functionality even further.”

According to Binance Custody, institutions may utilize the assets they have mirrored on the Binance Exchange to have access to a wide range of products. One of these products is the institutional VIP Loan. 

Reportedly, this unique use case was successfully implemented using Binance Mirror while the customer’s collateral, which was necessary to apply for the loan, remained segregated in their Binance Custody Qualified Wallet.

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