Binance continues to expand its services by launching its new “Capital Connect” platform for its VIP clients. This platform will allow investors to get in touch with fund managers specialized in the field of cryptocurrencies. Although the service is free, Binance hopes to benefit from it by attracting institutional liquidity to its platform.
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Binance continues to expand its services
Binance, the world’s largest cryptocurrency exchange, has just announced its latest innovation called “Capital Connect”. Intended for its VIP customers, this new platform will act as a gateway to put them in touch with fund managers specialized in the crypto ecosystem.
Individuals or companies benefiting from one of the 9 VIP levels offered by Binance will be the only ones able to access this service. Since the VIP circle is expensive, it is generally only available to high net worth individuals, hedge funds, wealth management offices or brokers, among others.
As such, Catherine Chen, Binance VIP Service Managerrevealed in an exclusive interview with our colleagues from The Block that the platform’s VIP customers represent only a tiny fraction of the platform’s 128 million users, but that they ” contribute very significantly to the volume or activity of our various product lines “.
According to Binance’s press release, Capital Connect will be a totally free service. These are the investors who will be able to connect to fund managers after selecting them from a list specifying their fees, strategies, redemption terms and assets under management, among others.
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According to Catherine Chen, Binance is the very first platform in the crypto ecosystem to offer such a service. Although the platform does not charge any fees, it should nevertheless benefit from them by mechanical effect, according to her:
“Generally, these investment managers trade where? They obviously trade on the platform that offers the greatest liquidity. In the end, therefore, we have everything to gain. »
Fund managers will not have the possibility to choose the investors themselves, unlike the latter, but it will be up to them to accept the connection or not according to the profile of the investor in question. Profiles will initially be opaque, then will be revealed to each party once the connection is initiatedfor security reasons.
In addition, Binance will apply its usual Know Your Customer (KYC) standard to both parties, but will in no way intervene in the process linking these.
According to the exchange, its number of institutional clients observed a growth of 65% in 2022. In the first quarter of this year 2023, the platform already welcomes 8.3% more institutional clients than the previous one, and the trend should continue to grow in view of this new.
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Source: Press Release, The Block
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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