- Binance integrates with MirrorX, Cefu’s solution for off-exchange settlement, offering secure asset mirroring at a 1:1 ratio for institutional clients.
- MirrorX provides instant asset delegation, auto-settlements, and withdrawal options, promoting flexibility and risk diversification for clients.
- Catherine Chen, Head of VIP & Institutional, highlights the risk management aspect of MirrorX, positioning the platform to lead in institutionalizing the digital asset ecosystem.
Following the success of lightning node, Binance has announced its integration with MirrorX, an off-exchange settlement solution by Cefu. Let’s scoop into the details, shall we?
This new and updated solution is currently only available for Binance VIP & institutional clients. With MirrorX, institutional clients will be able to keep their assets in Ceffu’s independent custody while accessing the exchange.
MirrorX will enable assets to be “mirrored” from Ceffu to Binance at a 1:1 ratio, thereby ensuring security and seamless trading. With MirrorX, users will get instant asset delegation and auto-settlements. Clients will be able to withdraw mirrored assets and promote flexibility and risk diversification.
Catherine Chen, Head of VIP & Institutional at Binance, commented about the partnership with Ceffu and the benefits of MirrorX. She said,
“We’re constantly listening to our client’s feedback and to the market needs that we can support. Binance is already hugely attractive to institutional investors by offering the world’s deepest liquidity and market-leading trading solutions, and through our partnership with Ceffu, we bring an added layer of risk management that allows our clients to diversify their exposure while still maintaining access to our liquidity. This positions us at the forefront of institutionalizing the digital asset ecosystem.”
All in all, MirrorX is set to play a pivotal role in terms of institutional trading. The platform is set to contribute to the digital asset ecosystem and will enhance the crypto trading platform tremendously.