Ethena Has Integrated Ceffu's MirrorX Solution for Off-Exchange Settlement

2024-03-13  •  3 min read

We're excited to announce that synthetic dollar protocol Ethena has partnered with Ceffu to support its digital asset needs with MirrorX, our off-exchange settlement solution integrated with the world’s largest cryptocurrency exchange, since Ethena’s public launch in February 2024.

MirrorX allows institutional clients such as Ethena to deposit assets in Ceffu’s custody and delegate/undelegate those assets to/from the Binance Exchange without transferring them onto the exchange itself, thereby minimizing counterparty exposure. Delegated assets through MirrorX can be used to access most products and markets available on the Binance Exchange, including derivatives trading, and are automatically settled off-chain at T+1, thus enabling the frequent settlement of Ethena’s derivatives positions.

"We are excited to partner with Ceffu who has shown a commitment to serving their users and investors with the highest standards of security through the years. The unlock MirrorX and Ceffu provides us to access centralized liquidity via off-exchange settlement is pivotal to our design." - Guy Young, CEO & Founder of Ethena Labs

Ethena’s synthetic dollar product, USDe, is collateralized in part using derivatives hedging positions and therefore requires constant increases and decreases in net position sizes as USDe is minted or redeemed. The combination of Ceffu’ MPC-backed custodial services and MirrorX’s unique integration with Binance allows institutional clients to tap into the deepest pool of liquidity efficiently and with peace of mind.

“It’s always an honor to partner with pioneering projects like Ethena that are on a mission to bring innovative products and services to market. With MirrorX, Ethena gets to increase its capital allocation with mitigated exposure on the world’s most liquid crypto platform – a strong value-add for their community. We look forward to nurturing this partnership.” - Ian Loh, Executive Vice President, 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 Ethena

Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money not reliant on traditional banking system infrastructure.

Ethena's synthetic dollar, USDe, will provide the first censorship resistant, scalable and stable crypto-native solution for money achieved by delta-hedging staked Ethereum collateral. USDe will be fully backed transparently on-chain and free to compose throughout DeFi. 

USDe peg stability is ensured through the use of delta hedging derivatives positions against protocol-held collateral. 

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 also benefit from Ceffu’s secure gateway to a wide range of liquidity products within the Binance ecosystem as Binance’s institutional custody partner through MirrorX, its off-exchange settlement solution.

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