Binance, the world’s largest crypto exchange by trading volume, has launched the first-ever crypto exchange solution for wealth managers. According to the exchange, this initiative will be similar to traditional wealth management. This move could also help further assert the exchange’s dominance in the crypto space.
Binance Launches ‘Binance Wealth’
The crypto exchange announced in a press release the launch of Binance Wealth, the first crypto exchange technological solution catering to wealth managers. This service will allow wealth managers to oversee their clients’ onboarding and make investment recommendations, ensuring that these clients enjoy strong support throughout the onboarding process.
Wealth managers will also retain full discretionary control, similar to traditional wealth management services. Wealth managers seeking the Binance Wealth program must apply to gain access. After their application has been approved, they can support their clients with the onboarding process into the crypto space.
These clients will have to submit the necessary KYC/KYB documentation for verification. Once boarded, these clients can manage their investments and gain guidance from their wealth managers on the best investment decisions for them.
This move comes just over a month after Binance CEO Richard Teng mentioned that their institutional investors grew 40% this year. With this first-of-its-kind offering, the top crypto exchange will attract high-net-worth individuals looking to gain exposure to cryptocurrencies. This could also help boost the crypto exchange’s dominance as it looks to wade off its competitors.
Advantage Of This Initiative For Investors
Binance mentioned in the press release that this initiative will significantly reduce the entry barrier for wealth managers and their clients seeking digital asset exposure. These investors will enjoy an experience similar to the traditional financial advisory framework they are accustomed to.
These investors will gain exposure beyond Bitcoin and Ethereum as the top exchange will offer a wide range of supported tokens beyond the top two cryptocurrencies by market cap. Wealth managers’ clients will have access to trading and earn/staking products, which cater to the needs of all clients, whether they are looking for active or passive investment opportunities.
Lastly, the crypto exchange mentioned that Binance Wealth will provide a ‘White-glove VIP service’ as wealth managers will receive high-touch VIP services and support from the exchange’s VIP key account client managers.
The post Just In: Binance Launches First-Ever Crypto Exchange Service For Wealth Managers appeared first on CoinGape.
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