Hassan Maishera
Binance, the leading cryptocurrency exchange by daily trading volume, announced on Tuesday, October 29th, that it has launched Binance Wealth, the first crypto exchange technological solution for wealth managers.
In a press release shared with Cryptowisser, Binance revealed that Binance Wealth allows wealth managers to oversee their clients' onboarding and make investment recommendations. It allows clients to receive strong support during onboarding and thereafter while retaining full discretionary control, akin to traditional wealth management.
However, wealth managers must first apply to access Binance Wealth. After successful integration with Binance Wealth, wealth managers can help support their clients’ onboarding journey by submitting the necessary KYC/KYB documentation for verification. Onboarded clients can then manage their own investments directly and receive recommendations from their wealth managers for their review and approval.
According to Binance, Binance Wealth is the first crypto exchange solution enabling wealth managers to address their high-net-worth clients’ interest in exposure to this new asset class.
Binance Wealth significantly reduces the entry barrier for wealth managers and their high-net-worth clients who are looking for digital assets exposure:
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TradFi experience: wealth managers and their clients enjoy an experience that is near-identical to the traditional financial advisory framework which they are familiar with.
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Intuitive user interface: Binance Wealth offers wealth managers a comprehensive and unified dashboard with an overview of onboarded clients and their portfolios.
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Exposure beyond Bitcoin and Ethereum: Wealth managers’ clients can conveniently gain exposure to Binance’s wide range of supported tokens.
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Flexibility of investments: Binance Wealth supports both trading and earn/staking products, catering to client interest across active and passive investing.
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White-glove VIP service: Wealth managers receive high-touch VIP services and support from Binance VIP key account client managers.
While commenting on this launch, Catherine Chen, Head of Binance VIP & Institutional, said,
“As investors worldwide recognize the potential of digital assets, we are responding to wealth managers and their clients asking for a solution to more easily access crypto. Unlocking capital inflow is key to making digital assets mainstream, but there has long been a lack of traditional infrastructure for the private wealth segment to gain exposure to crypto. Binance Wealth will reduce the entry barrier for more market participants to access this new asset class and help bridge crypto and traditional finance.”
This latest development indicates Binance’s pioneering expertise in supporting institutional adoption of crypto assets. Other Binance industry-first solutions built to support traditional and institutional users’ journey into digital assets include its banking triparty solution, which helps institutional investors mitigate counterparty risk by holding their trading collateral as traditional assets with a partner bank.
Binance is a leading global blockchain ecosystem behind the world's largest cryptocurrency exchange by trading volume and registered users. Binance is trusted by more than 230 million people in 100+ countries for its industry-leading security, transparency, trading engine speed, protections for investors, and an unmatched portfolio of digital asset products and offerings from trading and finance to education, research, social good, payments, institutional services, and Web3 features. Binance is devoted to building an inclusive crypto ecosystem to increase people's freedom of money and financial access worldwide, with crypto as the fundamental means.
Meanwhile, Binance VIP & Institutional empowers institutions and private wealth clients with robust asset management infrastructure, personalized VIP services, and advanced end-to-end institutional trading tools powering the world's most regulated and reliable trading platform.
With deep financial services experience in both traditional and crypto markets, its global team of trusted experts provides VIP & Institutional clients with the support they need to confidently capitalize on the industry's deepest liquidity and tightest markets.
