BitU Protocol has recently partnered with Ceffu to integrate the MirrorX solution, a move that will bolster its off-exchange settlement capabilities and enhance its yield-generation strategies on Binance, the world’s largest crypto exchange.
Exciting news! @BitU_Protocol has now integrated our MirrorX solution for off-exchange settlement. Find out more about this integration here: https://t.co/0HkSWprTrp pic.twitter.com/VAiJSgTBTl — Ceffu (@CeffuGlobal) June 14, 2024
MirrorX Provides Enhanced Asset Security for BitU on Binance
With MirrorX, institutional clients like BitU can securely place their funds under Ceffu’s protection. These assets can be easily delegated or undelegated to and from Binance Exchange without direct exposure on the exchange platform. This setup ensures that the assets remain under Ceffu’s custody, minimizing counterparty risks associated with on-exchange transactions.
BitU can utilize delegated assets across various products and markets on Binance, including derivatives trading. A key feature of MirrorX is the daily option for off-chain transactions with T+1 settlement at zero fees. This enhances BitU’s ability to effectively manage derivatives positions for market activities and risk management.
Wayne, the Founder of BitU Protocol, emphasized the benefits of partnering with Ceffu. As a provider of off-exchange settlement solutions and institutional custody services, Ceffu’s MirrorX enables BitU to generate yields through lending, borrowing, and achieving market neutrality. Wayne also noted that Binance’s liquidity enhances the effectiveness of these strategies for BitU.
BitU Leverages MirrorX to Mitigate Counterparty Risks
Ceffu’s CEO Ian Loh expressed satisfaction in supporting platforms like BitU and highlighted MirrorX’s role in unlocking yield possibilities for BitU’s chosen assets. By reducing counterparty risks for BitU’s users and community, MirrorX adds significant value to BitU Protocol in terms of organizational functionality and competitive positioning in the DeFi space.
The adoption of MirrorX marks a crucial milestone for BitU Protocol, enhancing its functionality and competitive edge in the cryptocurrency market. Leveraging Ceffu’s reliable platform, BitU is poised to meet the growing demand for stablecoin products worldwide.
The collaboration between BitU and Ceffu signifies a commitment to innovation and convenience in crypto finance, opening up new possibilities for users and markets alike.