Maximize Capital Efficiency with MirrorX, the Fastest Off-Exchange Settlement Solution for Binance Institutional Users

2023-08-28  •  4 min read

Mirror has been Ceffu’s flagship product since its inception, enabling institutions to access the world’s deepest liquidity on Binance from the security of Ceffu’s independent custody. After weeks of development and testing, we’re excited to announce the release of our second off-exchange settlement solution, built specifically for Prime Wallet. 

We call it MirrorX –  a new, faster gateway to the Binance Exchange that allows Binance VIP & Institutional users to mirror their digital assets instantaneously from Ceffu to their Binance account, regardless of the amount mirrored. 

Just like the first generation of Mirror, MirrorX provides access to most of the products available in the Binance ecosystem – including spot, margin and derivatives trading –  while also introducing new innovative features. Most notably, those include the instantaneous mirroring of assets, automatic off-chain T+1 settlements, and the ability for clients to withdraw part or the entirety of their mirrored assets from their Binance parent account or from Ceffu, as opposed to being limited to withdrawing generated profits only with Mirror.

“We’re constantly listening to our clients’ feedback and to what the market needs that we can support. Binance is already hugely attractive to institutional investors by offering the world’s deepest liquidity and market-leading trading solutions, and through our partnership with Ceffu, we bring an added layer of risk management that allows our clients to diversify their exposure while still maintaining access to our liquidity with Ceffu’s off-exchange settlement solution. This positions us at the forefront of institutionalizing the digital asset ecosystem.”  – Catherine Chen, Head of VIP & Institutional, Binance

* Clients can conveniently choose to bind an existing or new Regular or Virtual Sub-account (referred to here as MirrorX sub-account) on Binance to their Ceffu Prime Wallet.

Benefits of MirrorX

Instant delegation of assets

Clients using the first generation of Mirror were limited by the amount of assets they could mirror without having to go through a manual fund application process. With MirrorX, the mirrored funds are instantly reflected in the client’s designated MirrorX Sub-account on the Binance Exchange at a 1:1 ratio, making our gateway between Ceffu and Binance a much more efficient and seamless experience.

Automatic T+1 settlements

All MirrorX positions are automatically settled off-chain daily at T+1 at no charge. Note that any movement of your mirrored funds out of your MirrorX Sub-account will also trigger an automatic settlement. 

Withdraw your mirrored funds anytime

Unlike the previous generation of Mirror, MirrorX allows clients to withdraw parts of or the entirety of their mirrored assets from their Binance or Ceffu account. Withdrawing from theBinance account requires a transfer from users’ MirrorX Sub-account to their Binance parent account, which will trigger a T+1 settlement. 

Secured by multi-party computation 

All of Ceffu’s wallets run on multi-party computation (MPC) technology, ensuring there is never any single point of failure when managing your organization’s transaction approvals. Through Prime Wallets, our clients’ assets are transferred to an omnibus wallet and periodically swept to cold storage, ensuring top security while allowing flexibility for quick transactions.

Minimize counterparty risk

Your assets remain in Ceffu’s independent custody at all times when accessing the Binance Exchange through MirrorX. Delegate and undelegate your assets as needed knowing they are backed by institutional security.

“Regardless of how the markets move, institutions need innovative solutions that combine security and ease of access to liquidity. That combination has been the foundation of our partnership with Binance, and the launch of MirrorX reinforces our commitment to delivering custody solutions that live up to the high standards our institutional clients require.” – Ian Loh, CEO, Ceffu

Get started with MirrorX

To get started with MirrorX, existing Ceffu clients can navigate to the Trade menu from their main web or mobile portal after logging in and select the “MirrorX” tab.

If you are not a Ceffu client yet, contact us to get started.

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. Such solutions include insured on-chain cold storage, escrow services, staking, OTC and spot trading.

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 Mirror, its off-exchange settlement solution.

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