Binance is considered one the popular crypto exchanges not just because it has superior technology or higher trading volumes, but it has portrayed capabilities of almost accurately anticipating the times to come ahead. Well, the prediction cycle is still on and according to the recent post, the exchange is prepping itself for managing institutional money as it anticipates a larger number of institutional investors to increase their allocation into cryptos.
Getting ready for Corporate accounts and High-volume trades
According to the latest medium post published by Binance, the exchange has highlighted various aspects of the business which it has already incorporated and is improving to accommodate institutions and the large volume of capital that they will be getting in with themselves. The exchange mentions that it is evolving so that it can cater to the needs of its user base as it anticipates that larger number of institutional investors would increase their allocation to cryptocurrencies in days to come.
Binance mentions that it has been continuously improving on its technological backends and process so that it can keep the exchange running smoothly even at peak periods. It also mentions that the recent closure of a strategic investment round led by Vertex Ventures will be helping the exchange in facilitating a future fiat-to-crypto gateway in Singapore which the exchange believes is an important milestone in its path to future growth in preparation for the institutional adoption of cryptocurrency.
Apart from focus on technology the exchange has also taken progressive steps in the development of comprehensive bespoke services for the most demanding high-volume crypto traders around the world. With institutions in mind, in July 2018, the exchange has launched its tiered trading fee discount program, which establishes eight different levels of discounts for corporate account holders, each of which is tied to competitive pricing on trading fees. With greater benefits for higher volume traders, the tiered program sparked activity from institutional participants of all sizes for Binance already.
The exchange has also evolved and ramped up its corporate account management processes to better handle requests and concerns. The new institutional dedicated services now include customization of API limits and withdrawal limits. The exchange has ungraded its backend architecture and is now able to provide greater operational flexibility to meet the evolving needs of its clientele.
With future in mind, Binance has also laid out its Q4 roadmap and has marked several crucial updates aiming to tweak and optimize the core trading experience for enterprise traders. The exchange is equipping users with a cross-functional set of trading management tools which would include features like starting with the release of a much-requested sub-account feature by the end of December. The features of this subaccount would include
- Up to 200 sub-accounts supported
- Account and trading activity overview for sub-accounts: login history, open orders, etc.
- No-fee transfers of funds between sub-accounts
- Full control of sub-accounts, including resetting 2FA, removal of API keys/orders and passwords, or even freezing the sub-account
The post ends with
“Providing quality services and rapid innovation is vitally important for the continued development of the industry, particularly as institutional capital moves into the world of cryptocurrency. At Binance, we are always striving to improve the experience for our users, and we are eager to rise to the challenge of providing even-better services on all levels of the trading spectrum.”
Binance has done a lot of changes and has a stellar roadmap. Looks for sure it will be able to attract the best institutions once all the changes and features are rolled out
Is Binance ready for the institutional money flow into cryptos? Do let us know your view on the same
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.