Binance (CRYPTO: BNB), the world’s biggest cryptocurrency exchange by volume traded, is launching a platform for VIPs and institutional large-scale investors.
What Happened: Binance confirmed the launch of Binance Institutional, a platform offered to high-net-worth individuals, institutional investors, hedge funds, and asset managers, providing trading and investing services.
See Also: Binance CEO Changpeng Zhao Denies Giving 3AC A Credit Line Following The Hedge Fund's Insolvency
Binance Institutional offers an array of utilities, constituting the Binance Broker Program to leverage Binance technology for business growth, over-the-counter services, including algorithm-based trading, and other asset management services.
Binance made the announcement via Twitter (NYSE:TWTR): "#Binance is launching #BinanceInstitutional, a new flagship platform for VIP and institutional users, in an effort to upgrade its institutional offerings and services."
Why It’s Important: The news comes amidst extremely uncertain market conditions. Bitcoin (CRYPTO: BTC) has fallen from its all-time high of over $68,000 to currently $20,971. Consequently, numerous firms and exchanges have faced structural and technical difficulties, margin calls, and illiquidity. This has caused a major cutback of expenditures by firms.
See Also: Binance.US Announces Bitcoin Trading Now Free Of Fees
Major crypto firms, such as Coinbase (NASDAQ:COIN), Gemini and Crypto.com, have announced large-scale layoffs and reductions in advertisement budgets. Binance, however, has made a series of bold moves prior to launching Binance Institutional:
- It's looking to fill 2,000 new positions
- It nullified trading fees for Binance.US
- Inked a multi-year partnership with Cristiano Ronaldo
Each effort represents strong capital reserves and preparedness for a market downturn. As macroeconomic uncertainty perpetuates Bitcoin’s bear market, Binance continues to stride forward with power.
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