With a plethora of listings and partnerships, Shiba Inu (SHIB) is on a roll. The popular meme coin has now made its way into the Binance Custody platform.
Binance Custody, which was launched in December of 2021, now supports Shiba Inu (SHIB), Audius (AUDIO), Perpetual Protocol (PERP), SKALE Network (SKL), and Injective (INJ), according to an announcement released on February 20, 2022.
What is Binance Custody?
While traditional financial institutions are required by law to function as custodians, cryptocurrencies have enabled individuals to act as their own bank and avoid counterparty risk. Institutional investors, on the other hand, often use third-party custody services to preserve their wealth rather than controlling their assets themselves, due to the prevalence of crime in the cryptocurrency business.
Client private keys are stored by cryptocurrency custodians, who normally provide insurance on the crypto assets they manage.
Binance Custody plans to complete its independent SOC 2 Type 2 examination by the end of the year to demonstrate its operational security.
Binance distributes control over customer cash via secure multi-party computation (MPC). For secure storage, it employs its certified wallet solution.
Can this improve Shiba Inu’s institutional reach?
Shiba Inu is without a doubt one of the most well-known meme coins. It has one of the most devoted and outspoken followings in the entire crypto-sphere. Binance, the world’s largest cryptocurrency exchange, has also recently announced a new staking effort for SHIB and other digital currencies with a high rate of return on investment. The platform, known as Binance High Yield Center, was announced on the 17th of February.
With many institutions aligning themselves with Shiba Inu, it is likely to improve the coin’s reach. It will help SHIB get the necessary traction to draw in bigger institutional investors, and hence, help propel the token to more adoption. With many financial giants stepping into the crypto space, Shiba Inu can be one the many coins that make much needed use of the developments.
At the time of publication, SHIB was trading at $0.00002675, up by 4.9%.