BitU Protocol Chooses Ceffu’s MirrorX for Off-Exchange Settlement

2024-06-14  •  2 min read

Supporting its yield-generation strategies on the world's largest crypto exchange, Bitcoin-backed stablecoin protocol BitU has integrated our MirrorX solution for off-exchange settlement.

MirrorX offers institutional clients, such as BitU, the ability to securely deposit assets in Ceffu’s custody and instantly delegate or undelegate them to and from the Binance Exchange. With assets remaining in Ceffu’s custody at all times and never moved onto the exchange itself, counterparty risks are drastically minimized.

Assets delegated through MirrorX can be utilized to access a wide range of products and markets on the Binance Exchange, including derivatives trading. All MirrorX positions are automatically settled off-chain daily at T+1 at no charge, enabling the frequent and efficient settlement of BitU’s derivatives positions.

“Ceffu's successful track record in off-exchange settlement solutions and institutional custody services enables BitU to provide a reliable stablecoin platform through its partnership with one of the most trusted names in the industry.” – Wayne, Founder, BitU Protocol

By integrating MirrorX as their off-exchange settlement solution, BitU is able to efficiently generate yield through interest from borrowing and lending strategies, as well as market-neutral investment strategies on the Binance Exchange, which boasts the industry's deepest liquidity.

“Innovative protocols like BitU are on the rise at a time where the industry is paying more attention to stablecoins, and we're proud to support their business needs. Through MirrorX, we are able to provide a secure solution for BitU to maximize their yield potential while minimizing counterparty risks, ultimately delivering greater value to both their users and community.” – Ian Loh, CEO, Ceffu

Deep liquidity without compromising on security

To learn more about how Ceffu’s custody and liquidity solutions can help drive your business forward, contact us using our institutional form.

About BitU Protocol

BitU Protocol offers a secure, USD-pegged stablecoin primitive that provides stability and embedded yield. Through our ALMM, we leverage on-chain transparency and off-chain capital efficiency to deliver sustainable returns, and make financial growth accessible to all.

About Ceffu

Ceffu is a compliant, institutional-grade custody platform offering custody and liquidity solutions that are ISO 27001 & 27701 certified and SOC Type 1 & Type 2 attested. Its multi-party computation (MPC) technology, combined with a customizable multi-approval scheme, provides bespoke solutions allowing institutional clients to safely store and manage their digital assets.

Institutions may also benefit from Ceffu’s secure gateway to a wide range of liquidity products within the Binance ecosystem. This can be achieved through MirrorX, our off-exchange settlement solution, provided in partnership with Binance.

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