Launched in mid-December, Binance Custody has expanded its list of supported crypto assets with Shiba Inu (SHIB), Audius (AUDIO) and other assets.
Shiba Inu (SHIB), Audius (AUDIO), Perpetual Protocol (PERP), Skale Network (SKL) and Injective (INJ) are now supported by Binance Custody, according to an announcement.
While traditional financial institutions generally act as legal “custodians” (Custody/Customer service providers), cryptocurrencies allowed people to be their own bank to avoid any counterparty risk. However, due to the proliferation of crime in the cryptocurrency industry, institutional investors have often come to rely on third-party custody services to protect their assets rather than control them.
Cryptocurrency custodians store clients’ private keys and often offer insurance for the crypto assets they manage. Companies like Gemini and Nuri also offer custody services for retail investors, but BitGo and Paxos only accept institutional clients such as funds and family offices.
Crypto giant Binance offers an insurance plan to its customers. Binance Custody aims to complete the independent SOC 2 Type 2 exam to prove its operational safety. Binance relies on secure multilateral computing (MPC) to distribute control over clients’ funds. Qualified wallet solution is used for secure storage.
Earlier this month, Binance Custody also introduced support for Gala (GALA), Zilliqa (ZIL), WINkLink (WIN) and Immutable X (IMX).
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