BINANCE ANNOUNCED THE LAUNCH OF A NEW PLATFORM FOR INSTITUTION AND VIP DUE TO CRYPTO CRASH
Binance has announced the launch of Binance Institutional, a new institutional and VIP platform.
The services offered include algorithmic trading and a trading system for companies looking to use Binance exchanges.
The announcement comes after a stony month in some cryptocurrency markets, some of which are declining.
Binance has announced the launch of a new platform for institutions and VIP users, despite major crashes in the cryptocurrency market.
The world's top crypto exchange has said Binance Institutional will provide specialized services to high-value individuals and institutional investors, including asset managers, hedge funds, and family offices, among others, according to a statement Thursday.
The services offered include algorithmic trading, asset management and a merchant program for companies looking to use Binance's cryptocurrency exchange.
Following the announcement of the launch, Binance's BNB coin increased by 5% to $ 241.67.
The new platform comes as the crypto market share fell to less than $ 1 trillion after reaching $ 3 trillion last year, with high tokens like bitcoin and ethereum falling more than 70% from their all-time high last November.
But Binance CEO Changpeng Zhao has backed the cryptocurrency crash. On Thursday, he tweeted "I'm the best at the bear market."
On June 15, he wrote on Twitter that Binance was hiring more than 2,000 positions while his rival Coinbase was using the hiring ice and BlockFi was cutting a fifth of its staff.
And at the Consensus 2022 conference earlier this month, Zhao said, "If we are in crypto winter, we will use that. We will use that until the end."