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A budding relationship
Binance Custody was only released in 2021, but there is nevertheless plenty of faith in the high level of user protection being offered by the service. LABEL had been searching for a reliable custody service for quite a while, and when choosing a custody service, the main aspects that LABEL primarily focused on were security and insurance coverage.
Keeping that in mind, Binance Custody indeed appeared to be the optimal choice as it uses industry-leading secure MPC (Multi-Party Computing), threshold signing schemes, and offline key-sharing storage to decentralize fund management, all of which are vital components to ensuring the safety of users' digital assets.
Also, in terms of insurance, Binance Custody obtained insurance from Arch Syndicate 2012 at Lloyd's of London, which was mediated by Lockton's Emerging Asset Protection (LEAP), the world's largest independent insurance broker, to further enhance investor protection.
The benefits of transferring ownership of digital assets to Binance Custody are hence not only limited to security from hackers and malicious individuals, but also delegation of authority. By sharing access with the custodian and delegating this authority, users can thus potentially prevent the loss of assets in the event of lost cryptographic inheritance, private passwords, or any other kind of...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...