Any implications of Binance’s custody product on DeFi?


>Through Binance Mirror, institutions lock a specified amount of their asset balance available in their Qualified Wallet, Binance Custody’s cold storage solution, and mirror it onto their Binance Exchange account with a 1:1 balance. Their assets remain secure in their segregated cold wallet for as long as their Mirror position remains open on the Binance Exchange, which can be settled at any time.

“Mirror” …?


>The exchange will let investors to post collateral with Binance Custody, which will hold the assets off the internet in cold storage wallets, the report added. Once trades are settled, the assets would then become accessible to the user again.

It’s only for institutions ($1m+).

It’s not exactly clear to me how this will work. How are funds in cold storage ‘locked’ by Binance temporarily? Via smart contract?

Just curious as this is something new, it may have some implications for us farmers.

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