BitU Protocol has recently integrated MirrorX, a solution developed by Ceffu, to enhance its off-exchange settlement capabilities and support yield-generation strategies on Binance, the world’s largest crypto exchange.
Exciting news! @BitU_Protocol has now integrated with MirrorX 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 Enhances BitU’s Asset Security on Binance
MirrorX provides institutional clients like BitU with a secure way to place their funds under Ceffu’s care. This allows assets to be easily delegated or undelegated to and from Binance Exchange without direct exposure. By keeping assets in Ceffu’s custody, it reduces counterparty risks associated with on-exchange transactions.
BitU can now use delegated assets in various products and markets on Binance, including derivatives trading. One of the key features of MirrorX is the daily option for off-chain transactions with T+1 settlement at zero fees. This enhances BitU’s ability to manage derivatives positions effectively for market activities and risk management.
Wayne, the Founder of BitU Protocol, emphasized the benefits of partnering with Ceffu. With MirrorX, BitU can generate yields through interest in lending, borrowing, and achieve market neutrality. Wayne also highlighted that Binance’s liquidity enhances the effectiveness of these strategies for BitU.
Reducing Counterparty Risks with MirrorX
Ceffu’s CEO, Ian Loh, expressed satisfaction in supporting platforms like BitU. MirrorX offers BitU the opportunity to explore yield possibilities of chosen assets while reducing counterparty risks for users and the community.
The adoption of MirrorX represents a significant development for BitU Protocol in terms of organizational functionality and competitive positioning in the DeFi sector. By leveraging Ceffu’s reliable platform, BitU aims to meet the increasing demand for stablecoin products in the global cryptocurrency market.
The collaboration between BitU and Ceffu signifies a commitment to enhancing innovation and convenience in crypto finance. This integration opens up new possibilities for users and markets, driving forward progress in the industry.
