BitU Protocol has recently integrated MirrorX, a solution developed by Ceffu. This integration will enhance its off-exchange settlement capabilities and support its yield-generation strategies on Binance which is the world’s largest crypto exchange.
We’re happy to announce that @BitU_Protocol has integrated with our MirrorX solution for off-exchange settlement.
Learn more about the integration 👉 https://t.co/0HkSWprTrp pic.twitter.com/VAiJSgTBTl
— Ceffu (@CeffuGlobal) June 14, 2024
MirrorX Enhances Asset Security for BitU on Binance
MirrorX offers institutional clients such as BitU a safe means of placing their funds within Ceffu’s care. Such assets can be easily delegated or undelegated to and from Binance Exchange without ever being directly exposed in the exchange. This setup ensures that assets remain under Ceffu’s custody at all times. It will minimize counterparty risks associated with on-exchange transactions.
It is possible for BitU to utilise delegated assets in one or multiple products and markets on Binance such as derivatives trading. Looking at MirrorX benefits, one of the main features is the daily option for off-chain transactions with T+1 settlement at a zero fee. It increases BitU’s capacity to handle its derivatives positions effectively for their market activities and risk management efforts.
Wayne, the Founder of BitU Protocol explained that partnering with Ceffu is highly beneficial. They are already the supplier of off-exchange settlement solutions and institutional custody services. With MirrorX, BitU will be capable of generating yields in the form of interest within lending, borrowing as well as achieving market neutrality. Wayne also added that Binance has more liquidity which increases the effectiveness of realizing these strategies at BitU.
BitU Utilizes MirrorX to Reduce Counterparty Risks
Ceffu’s CEO Ian Loh commented on the company’s satisfaction with supporting such platforms as BitU. He pointed out that MirrorX can be very useful for BitU in terms of allowing it to get to yield possibilities of the assets it chooses to work with. It reduces counterparty risks for the users and community of BitU.
Therefore, the adoption of MirrorX constitutes a significant development for BitU Protocol in terms of organizational functionality and competitive standing in the DeFi sphere. Therefore, based on Ceffu’s reliable platform, BitU is to respond to the growing need for reliable stablecoin products within the world cryptocurrency market.
Ultimately, the collaboration between BitU and Ceffu demonstrates the quest for enhancing innovation and convenience in crypto finance. As a result of this, this integration opens up new possibilities for users and markets.