Binance to offer enhanced custody solution for institutional investors

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Seoul Mayor, Oh Se-hoon claims that citizens can view official papers, file complaints, and get tax-related inquiries answered in the virtual space. Residents of the capital city of South Korea can now access city services in a virtual setting thanks to the launch of the Metaverse Seoul project by the Seoul Metropolitan Government. Seoul Mayor Oh Se-hoon announced the beginning of Metaverse Seoul’s first phase in a press conference on January 16 following the project’s beta testing. The Metaverse Seoul project has been started by the Seoul Metropolitan Government. The mayor claims that the digital space will serve as a “place of communication for citizens” of the nation’s capital. Some of the projects related to the use of blockchain technology have been spearheaded by South Korea. The city of Busan revealed plans to work with FTX to create a cryptocurrency exchange in August.


Investors will be able to place collateral with Binance Custody, which will hold the assets offline, through Binance. The assets would then once again be available to the user when trades are settled. For cryptocurrency traders using leveraged markets, the tool known as Binance Mirror may be of huge help. Regulators began looking into FTX over the misappropriation of customer funds after Binance’s rival FTX collapsed in November of last year, raising concerns about the ability of crypto exchanges to safeguard consumers’ savings. “This test shows how much institutions can rely on one another to protect their money. It’s a good sign that Binance is developing into a cryptocurrency exchange with institutional users in mind” said Markus Thielen, director of strategy and research at Matrixport, a provider of crypto services.

The first tokenized bank credit note was released by Bradesco, the second-largest private bank in Brazil, on Friday. Under a regulatory sandbox managed by the Central Bank of Brazil, the bank carried out the transaction for a total of 10 million Brazilian reals, or $1.95 million.

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