BitU Protocol has recently incorporated MirrorX, a solution developed by Ceffu, into its system. This integration aims to improve BitU’s off-exchange settlement capabilities and bolster its yield-generation strategies on Binance, the largest cryptocurrency exchange globally.
Exciting news! @BitU_Protocol has now integrated with our MirrorX solution 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 Asset Security for BitU on Binance
For BitU, MirrorX provides institutional clients with a secure way to entrust their funds to Ceffu. This enables assets to be easily delegated or undelegated to and from Binance Exchange without direct exposure on the exchange platform. By keeping assets under Ceffu’s custody, it reduces counterparty risks associated with on-exchange transactions.
BitU can leverage delegated assets in various products and markets on Binance, including derivatives trading. One key feature of MirrorX is the daily option for off-chain transactions with T+1 settlement at zero cost. This enhances BitU’s ability to manage derivatives positions effectively for market activities and risk management.
Wayne, the Founder of BitU Protocol, emphasized the advantages of partnering with Ceffu. As a provider of off-exchange settlement solutions and institutional custody services, Ceffu’s MirrorX enables BitU to generate yields through lending, borrowing, and achieving market neutrality. Wayne also highlighted Binance’s liquidity, which enhances the effectiveness of BitU’s strategies.
BitU Utilizes MirrorX to Reduce Counterparty Risks
Ceffu’s CEO, Ian Loh, expressed satisfaction in supporting platforms like BitU and highlighted MirrorX’s role in unlocking yield potential for BitU’s chosen assets. By reducing counterparty risks, MirrorX benefits both BitU’s users and community.
The adoption of MirrorX signifies a significant advancement for BitU Protocol in terms of organizational functionality and competitive positioning in the DeFi space. 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 underscores a commitment to innovation and convenience in crypto finance. This integration opens up new opportunities for users and markets alike, paving the way for further growth and development in the industry.
