Binance, the world’s largest exchange by trading volumes, is shifting its services to target institutional investors. The exchange has announced that it will launch a flagship platform targeting VIP and institutional users.
Binance launches a platform targeting institutions and VIPs
This new platform is being launched when the entire cryptocurrency market faces a notable price dip. Institutional investors that usually buy coins in large volumes have also been panicking because of the ongoing recession.
Binance is now launching a new platform known as “Binance Institutional.” The exchange giant plans to upgrade its services and offerings for institutional clients. This product mainly targets institutional clients. The target audience includes hedge funds, brokers, asset managers, corporates, family offices, high networth individuals, and more.
This will be a similar product to the one launched by some top cryptocurrency exchanges to target institutional clients. Institutional investments in the crypto space have increased significantly over the past year, and firms are currently targeting these firms to give them a convenient way of investing in the crypto space.
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The blog post from the exchange said that this institutional platform would offer over-the-counter (OTC) and execution services. It will also support other services such as asset management, liquidity, and broker programs.
The platform will also offer institutional-trade products and services. These will range from yield products, trading solutions, professional services, data, and reporting. Despite the ongoing bear market, the platform’s launch is among the positive things done by Binance.
Binance remains afloat despite the bear market
Despite the ongoing recession across the cryptocurrency market, Binance has proven itself and remained strong. The exchange has not announced any cost-cutting mechanisms such as the ones introduced by its rival Coinbase.
The exchange recently announced that it has over 2000 open positions. Binance also recently signed an exclusive multi-year partnership deal with Manchester United’s player Christiano Ronaldo.
The exchange is also seeking expansion to other countries despite regulatory scrutiny. The Binance CEO, Changpeng Zhao, has also said the exchange is exploring moving back into South Korea.
In May, Binance received regulatory approval in Italy to offer cryptocurrency services. The exchange has also received other licenses in Dubai and Bahrain. France’s regulatory agencies also approved Binance to operate as a licensed Digital Asset Service Provider (DASP).
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