Binance, the world’s largest crypto exchange, has announced a new service called “Binance Mirror” in response to the recent FTX crisis, which has raised concerns about the security of centralized crypto exchanges and led many investors to turn to cold storage solutions.
Binance Mirror is an off-exchange settlement solution that allows institutional investors to access trading and investment products within the Binance ecosystem without having to post collateral directly on the exchange.
With this new feature, institutions can lock a specific amount of their assets in Binance Custody’s cold storage facility and mirror it onto their exchange account with a 1:1 balance, keeping user assets secure in the cold storage facility for as long as the Mirror position remains open on the exchange.
Binance is also expanding its headcount by up to 30% this year and has been granted registration to operate as a financial institution for management and trading in virtual currency by the Swedish Financial Supervisory Authority.
