MirrorX Adoption Grew 280% in Q1 2024 As Institutions Ramp up Trading on Binance
Rising tides
The onset of 2024 has seen a significant resurgence of interest in digital assets, primarily sparked by the approval of the spot bitcoin exchange-traded funds (ETFs) in the United States and the bitcoin halving event more recently.
Unlike any other previous market cycle, institutional investors have taken the spotlight as appearing more bullish on cryptocurrencies than ever before. And while institutional interest in trading on centralized cryptocurrency exchanges continues to rise, so has their interest in mitigating their counterparty exposure when trading on those exchanges.
The only crypto off-exchange settlement solution integrated with Binance
In the first four months of 2024, MirrorX efficiently managed the settlement of over $96 billion in volume for Ceffu’s institutional clients looking to trade on Binance while keeping their assets off-exchange. In that same period, assets under custody through MirrorX grew by 280%, demonstrating significant appetite for access to the world’s largest cryptocurrency exchange via Ceffu’s MirrorX solution.
Binance continues to be the largest crypto platform by trading volume across spot and derivatives markets, and an exchange of choice for institutional investors looking for the deepest liquidity with tightest markets. By remaining the only crypto custodian integrated with Binance, Ceffu offers a unique gateway for institutional crypto investors to optimize their trading strategies while safeguarding their assets.
“Everyone’s feeling excited this year about where the market might be headed, and the numbers are showing. Since launching in August last year, we’ve seen significant growth in our MirrorX product - a testament to its robust infrastructure and our ongoing efforts to support institutional needs for counterparty exposure management solutions. We’re honored to continue operating as the only crypto custody partner of Binance to offer off-exchange settlement and boost confidence among institutional clients.” – Ian Loh, CEO, Ceffu
MirrorX: The institutional edge for crypto trading
MirrorX enables institutions to trade on Binance without having to move their assets over to the exchange by seamlessly (un)delegating a mirrored amount of their assets at a 1:1 ratio for clients to use as they wish on the exchange, thus significantly reducing counterparty risk. Assets delegated through MirrorX opens access to the many products and markets offered on Binance, catering to institutions and their dynamic strategies.
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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.
Media contact: pr@ceffu.com
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