Binance It says it has become the first cryptocurrency exchange to offer asset management solutions.
Binance Wealth, announced On Tuesday (October 29), asset managers will be able to oversee customer onboarding and Similar to traditional wealth management, you can make investment recommendations and receive support during and after onboarding.
“Binance Wealth is the first crypto exchange solution that enables wealth managers to meet the interest of high-net-worth clients for exposure to this new asset class,” the company said in a news release. “Binance is responding to the demand of the personal wealth segment who want to diversify their portfolio with the support of a trusted wealth manager.”
The offer reduces the barrier to entry for wealth managers and their high-net-worth clients seeking digital asset exposure, but the experience is “nearly identical” to traditional financial advisory frameworks, according to the release.
The service also provides exposure beyond Bitcoin and Ethereum, the two most popular cryptocurrencies. Offerings You can access a variety of supported tokens. Additionally, Binance Wealth supports trading and earning/staking products for clients interested in active and passive investing.
“As investors around the world realize the potential of digital assets, we are responding to wealth managers and their clients seeking solutions to more easily access cryptocurrencies,” said Binance VIP & Institutional. said Director Katherine Chen.
“Unlocking capital inflows is key to bringing digital assets into the mainstream, but the private wealth segment has long lacked the traditional infrastructure to capture them. Exposure to cryptocurrencies. Binance Wealth helps bridge the gap between cryptocurrencies and traditional finance, reducing the barrier to entry so that more market participants can access this new asset class. ”
The launch is coming at a certain moment As PYMNTS wrote earlier this month, the world of cryptocurrencies is seeking greater utility and visibility around the world. Financial services outlook.
for example, stripe recently Authorized US distributor USDC issued by Circle can be received through its online checkout page, and the company previously announced that it would reinstate cryptocurrency payments, which it suspended in 2018.
PYMNTS Intelligence Research have From 2022 77% of sellers Businesses that accept cryptocurrency payments have done so because transaction processing fees are low compared to other payment methods. And 32% of sellers who were expanding their use of cryptocurrencies did so because they thought cryptocurrencies could help them reach new areas. customer.
“And at the heart of this new crypto payments space are not the various cryptocurrencies that have existed in this space for over a decade without impacting merchant acceptance, but instead observers and Industry participants are similarly hopeful about stablecoins. USDC” writes PYMNTS.
