• 25 June, 2024
Crypto Exchanges News

Binance Burns 2.06M BNB, ‘Binance Mirror’ is Live

Source: Binance Twitter (@Binance)

Binance has reportedly burnt 2,064,494 Binance Coin or BNB tokens. As a part of its 22nd quarterly BNB burn, Binance has burnt 1.3% of the total BNB supply, worth $617,696,701. 

Sharing the news, Binance tweeted:

Binance’s 22nd BNB burn details can be viewed on its transaction hash.

In related news, Binance Custody, a compliant and duly regulated institutional-grade digital asset custodian, has launched ‘Binance Mirror.’ An off-exchange settlement solution, Binance Mirror offers institutions an access to trading and investments in the Binance Exchange ecosystem. It eliminates the need to “post collateral directly on the exchange.”

Making the announcement, Binance Custody tweeted:

Source: Binance Custody Twitter (@BinanceCustody)

Through Binance Mirror, institutions can deploy liquidity on Binance to securely store their assets in a ‘segregated cold storage.’ Binance Custody’s cold storage solution allows institutions to mirror assets onto their

Binance Exchange account with a 1:1 balance.

Settlement of the opened mirror position on Binance can be done at any time. Binance Mirror gained momentum in the Q4 2022. A 67% rise was witnessed in assets mirrored from Binance Custody to the Binance Exchange.

At press time, assets in Binance Mirror reportedly total to over 60% of all assets secured on Binance Custody. This signals a rising institutional confidence in Binance Custody’s off-exchange solution, Binance Mirror.

Athena Yu, Vice-President, Binance Custody, says,

Security is a top priority for institutions, who also desire the deep liquidity that the Binance Exchange offers. Binance Mirror brings the best of both worlds. 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.

The mirrored assets can be used by institutions on the Binance Exchange, to access various Binance products (viz. institutional VIP Loans, etc.). In such a case, whilst using Binance Mirror, the client’s collateral stays segregated in their Binance Custody Qualified Wallet.

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