Binance Custody to Support SHIB and Others

Binance Custody announces that it will now support Shiba Inu (SHIB), Audius (AUDIO), Perpetual Protocol (PERP), SKALE Network (SKL), and Injective (INJ). This decision was revealed through a Twitter post made from Binance Custody’s account on February 21.

#Binance Custody now supports deposits and withdrawals for $SHIB, $AUDIO, $PERP, $SKL, $INJ.

➡️ https://t.co/tcbeDiyWe1 pic.twitter.com/9DgP6VJSDz

— Binance Custody (@BinanceCustody) February 21, 2022

Binance launched its custody service in December of 2021 due to increasing demand for custody products and services. Binance Custody is a standalone, secure, regulated, and insured custody service for the safekeeping of virtual assets.   

Generally, custody means the holding of assets on behalf of a client. Usually, this is done by an organization or institution. It is useful for the client as it minimizes the risk of theft or loss. But they are not the same as banks as they can’t use these assets for their own ends. Therefore, to safe-keep these assets, these institutions will charge a fee. 

In the crypto world, custody refers to when a third party holds the private keys to the funds of the user. Then, this custody becomes the one to be able to send and receive the user’s coins. Most exchanges use a custodial approach because it allows them to offer a better user experience.

Binance Custody is one such custody that offers institutional clients the ability to securely store digital currencies. The platform uses leading technology, security, and processes in the crypto custody space. It also has the expertise to operate a fully compliant custody service. Moreover, it has a sophisticated infrastructure that serves as the foundation of its platform.

Other reputed custody services include Coinbase Custody, BitGo, and Gemini.