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Binance rolls out off-exchange settlement solution for institutions

  • Binance’s off-exchange settlement solution Binance Mirror to benefit institutional investors.
  • The solution is offered via Binance Custody, a regulated institutional digital assets platform.
  • Binance Mirror currently accounts for more than 60% of assets on Binance Custody.

Binance is looking to grow confidence among institutional investors through a brand new service dubbed Binance Mirror.

In an announcement published on Monday, the global crypto exchange giant said the service will be accessible via Binance Custody, the exchange’s regulated institutional crypto custody solution.

Binance Mirror, according to the press release, is an off-exchange settlement solution designed to help institutions to trade and invest in products across the Binance ecosystem through cold custody.

Security key for investors

The crypto space remains much within the chaos that followed the collapse of FTX, with centralised exchanges including Binance seeing a significant slash of customer deposits as uncertainty mounted. Amid this has been the push for self-custody, which has been fueled by the fears around more CEXs folding.

But Binance says its new product protects institutional investors.

Instead of posting collateral directly onto the Binance exchange, institutions will leverage Binance Mirror to lock specified asset balances in the cold storage solution, with these mirrored on their exchange accounts at a 1:1 balance.

On the security of these assets, the Binance team wrote:

“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.”

Binance Custody launched in December 2021, a custodian platform separate from the Binance exchange – it has a segregated cold wallet system. The unveiling of Binance Mirror is already seeing adoption of the custodial platform reach new levels. As noted in today’s announcement, the new product currently accounts for over 60% of the total assets on Binance Custody.

Athena Yu, the VP of Binance Custody, emphasised on the issue of security for investors.

“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,” Yu said in a statement.

According to the exec, Binance spent most of 2022 refining its operations as it looked to enable clients to tap into benefits of unlocked liquidity. Mirror’s launch therefore offers the crypto company an opportunity to introduce new features aimed at taking the cold custody functionality to the next level.

The post Binance rolls out off-exchange settlement solution for institutions appeared first on CoinJournal.

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Solana continues comeback with 137% YTD price surge

  • Solana is currently changing hands at $23.26, about 137% up year-to-date.
  • The coin’s price plummeted after FTX fell in November, ending the year below $10.
  • SOL price has soared amid positive sentiment, broader market rally and meme coin-driven interest.

Solana traded below $10.00 on the first day of 2023, having plummeted more than 73% in a massive dump following the collapse of the FTX cryptocurrency exchange.

As was the case, Solana is a blockchain project with ties to disgraced crypto figure Sam Bankman-Fried – the founder of FTX and Alameda Research. After both companies filed for bankruptcy and Bankman-Fried found himself in custody, the native Solana token SOL took a nosedive.

Solana’s SOL soars 137% year-to-date

Having ended 2022 at around $9.66, SOL price has seen impressive bullish action over the past two weeks. The token’s price has rebounded strongly to currently trade more than 62% in the past week, according to crypto market data aggregator CoinGecko.

For its YTD price, SOL is up more than 137%, trading at $23.26 across major exchanges on Monday, 16 January, 2023.

A turnaround for SOL comes on the back of positive sentiment from across the crypto, including last month’s optimistic outlook for the Solana ecosystem from Ethereum founder Vitalik Buterin. 

A rebound in decentralised finance (DeFi) and meme coin craze-related activity is also leading to more buy Solana market action. Another factor driving SOL price in recent days has been the broader enthusiasm in the market after what was typically a suffocating run at the backend of last year.

On 12 January, crypto markets platform Messari highlighted that Solana was far from “dead.” According to the firm, on-chain data showed both transaction volumes and active accounts on the Solana blockchain had surged to levels last seen before the FTX collapse.

As CoinJournal previously covered, some of the uptick in activity followed the launch of meme coin Bonk (BONK), with significant spike in interest in Solana after the cryptocurrency’s airdrop to the community.

The post Solana continues comeback with 137% YTD price surge appeared first on CoinJournal.

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Bitcoin price: Analyst says BTC could hit $25K by March

  • Bitcoin price broke above $21,440 on major cryptocurrency exchanges for the first time since the FTX implosion.
  • Much of the buying pressure was retail driven as crypto mirrored stock markets’ Friday surge.
  • Veteran trader and markets analyst Peter Brandt has shared his prediction for Bitcoin price in 2023.

Cryptocurrencies roared into the weekend as Bitcoin price spiked to highs above $21,000 for the first time since FTX’s debacle began to unfold in November.

Data from CoinGecko shows that the benchmark crypto hit prices near $21,450 on major crypto exchanges on Sunday, with major altcoins tracking the leading digital asset. Ethereum broke above $1,500, Solana jumped to trade at highs of $24 and Dogecoin rose as high as $0.088. 

It’s notable that the rise in crypto prices followed a tick up for growth stocks and risk assets as the US inflation slowed further in December to suggest a potential pivot from the Federal Reserve.

Bitcoin price rally- analyst points to $25K by March

Bitcoin is up more than 22% in the past seven days, with BTC currently showing resilience above the $20,000 support level.

While on-chain data indicates the weekend buying pressure wasn’t so much as institutional investor-driven, the potential for bitcoin going higher remains if prices consolidate above the psychological level.

According to veteran trader and markets analyst Peter Brandt, BTC’s bullish trend will benefit from a weekly close above $20,800. He shared the prediction in a tweet.

The seasoned trader predicts a run to major resistance at $25,000 by March, with rejection seeing BTC retest the $18,000 level. If bulls hold this level, the analyst forecasts another sharp rally that could end up with Bitcoin price testing resistance levels around the $35,000 mark by July 2023.

Although he warns that no one can predict the markets with certainty, his long term outlook for Bitcoin has the cryptocurrency’s price above $100,000 by 2025.

The post Bitcoin price: Analyst says BTC could hit $25K by March appeared first on CoinJournal.

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Frontier in-browser wallet supporting Aptos goes live

  • DeFi protocol Frontier Wallet brings in-browser wallet support for Sui, Aptos, and 33 other cryptocurrencies.
  • Besides transactions, users will also be able to stake and transfer tokens between networks.
  • The wallet basically offers a one-stop platform for users to interact with dApps.

Decentralized finance (DeFi) protocol Frontier has officially launched the Frontier in-browser wallet extension.

The wallet extension brings in-browser wallet support for 35 cryptocurrencies including Sui and Aptos. Users will be able to stake tokens, transact using the allowed cryptocurrencies as well as store and transfer NFTs.

In a nutshell, the wallet will give users the privilege of interacting with any decentralized application (dApp) without needing to switch between different applications, which can be quite tedious for DeFi users. Additionally, the wallet supports some of the newer blockchains like Aptos and Sui which have become so popular in the recent past.

Transferring tokens between networks

In addition to the features mentioned above, the in-browser wallet will also allow users to transfer tokens between different blockchain networks, a process commonly referred to as bridging within the crypto space.

The Frontier team has built APIs for networks like  Near, Solana, Cosmos, and others. Users can use these APIs to get their balances and transactional history.

The wallet is a game changer since a majority of other popular crypto wallets including Zerion and MetaMask do not offer similar features to their in-browser wallet users.

Frontier also claims that its wallet has a security feature that detects phishing attacks and fraud to help keep users safe.

The wallet currently has over one million users worldwide and the new feature is expected to drive that number even higher.

The post Frontier in-browser wallet supporting Aptos goes live appeared first on CoinJournal.