Binance launches institutional platform for 'VIP' users
Quick Take
- Binance unveiled a new platform called “Binance Institutional.”
- The new product offers professional investors services like over-the-counter services and a broker program.
In an effort to expand its institutional offerings, Binance is launching a new platform for "VIP" users.
Dubbed Binance institutional, the new product includes over-the-counter (OTC) services, asset management and custody services, a broker program and a liquidity program, the company said in an announcement Thursday.
More details on the new services are laid out on the Binance Institutional page. The company didn't disclose many details about how the new platform works internally.
Binance institutional is targeted at a wide array of institutional investors including asset managers, hedge funds, liquidity providers, miners and high-net-worth individuals, the company said.
Despite the bear market, Binance has kept expanding on a number of fronts lately. While many firms have recently announced layoffs, Binance is seemingly charging ahead in the opposite direction, even announcing recently that it was looking to fill 2,000 new positions.
On Friday, CEO Changpeng Zhao said in an interview that the company was considering about 5,200 proposals from crypto companies and looking into possible loans, minority investments and majority acquisitions.
This week the company also announced a multi-year deal with soccer star Cristiano Ronaldo, involving a series of NFT collections.
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