The Binance crypto exchange announced it has extended its premium MirrorX service, designed to enhance asset management and trading agility, exclusively to its VIP and institutional clientele. This expansion is part of the collaboration between Binance and Ceffu, a crypto custody platform known for its commitment to cryptocurrency security and innovation.
Introducing MirrorX, the only institutional off-exchange settlement solution integrated with #Binance.
Learn how ⤵️
— Binance (@binance) August 28, 2023
Ceffu Global Unveils a New Product: MirrorX
In an August 8 official statement from Ceffu, the custodial powerhouse, MirrorX, takes center stage. This off-exchange settlement solution redefines how institutions engage with Binance’s vast crypto ecosystem.
Introducing MirrorX, our newest off-exchange settlement solution integrated with @binance
MirrorX allows corporate @BinanceVIP users to trade with the deepest liquidity instantaneously while their assets remain off-exchange in Ceffu's independent custody.
— Ceffu (@CeffuGlobal) August 28, 2023
The primary goal is to enable seamless, instantaneous transfers of digital assets from Ceffu’s secure custody to clients’ Binance accounts, transcending traditional limits.
This is the latest creation from Ceffu, and it empowers relevant users of Binance to mirror their digital assets in real-time from Ceffu to their Binance accounts, irrespective of the asset volume. As noted by the company, it builds upon the original Mirror platform’s offerings while introducing many new features.
For instance, all MirrorX positions undergo automatic off-chain settlements on a daily basis, ensuring efficient and seamless transactions while also minimizing associated costs. Clients also have the ability to withdraw portions or the entirety of their mirrored assets either from their Binance or Ceffu accounts.
Unlike its predecessor, MirrorX does not have asset transfer limitations. It offers a 1:1 ratio, as digital assets are mirrored from Ceffu’s independent custody to the designated Binance sub-account with remarkable speed.
This eliminates the need for cumbersome manual fund applications, making the gateway between Ceffu and Binance a remarkably efficient conduit.
Binance Gives Access to These Features
Catherine Chen, Head of VIP & Institutional at Binance, emphasizes the collaborative thrust between Binance and Ceffu. She states that this collaboration bolsters the risk management approach for institutional investors, allowing them to diversify while enjoying Ceffu’s off-exchange settlement solution. According to her,
“We’re constantly listening to our clients’ feedback and to the market needs that we can support. Binance is already hugely attractive to institutional investors. This positions us at the forefront of institutionalizing the digital asset ecosystem.”
MirrorX’s arrival heralds a new era for institutional-grade cryptocurrency trading. By combining security, real-time access, and seamless transactions, this solution promises to redefine how institutional players navigate the digital asset space.