Binance Custody Onboarding

Scallop has announced its official onboarding onto the Binance Custody Institutional Asset Infrastructure Solution, which will further safeguard investors' funds. Binance Custody provides advanced cold and hot storage security and liquidity solutions for institutions to conveniently and safely handle digital assets.

Scallop will liaise with Binance Custody to use its highly secure cold storage service. Security for investors will be further safeguarded with the new integration, as SCLP tokens will now be supported and stored on the institutional and insured cold storage facility.

"We're proud to be supporting Scallop and their community with our institutional-grade Prime Wallet infrastructure to secure their assets," shares Cathy Yu, Head of Binance Custody. "Working with a partner like Scallop who also values the importance of providing safe and insured technology solutions to its users makes our collaboration a great fit. We look forward to growing our partnership together."

Strong synergies

Binance Custody was only introduced in 2021 and has quickly garnered trust, given the service's high degree of customer safety. Therefore, Binance custody appeared to be the obvious choice in Scallop's quest for a trustworthy custody service for its digital money consumers.

With a focus on security and insurance coverage, Binance Custody employs industry-leading secure MPC (Multi-Party Computing), threshold signing techniques, and offline key-sharing storage, which are critical components to maintaining the protection of users' digital assets.

Binance Custody secured insurance from Arch Syndicate 2012 at Lloyd's of London to further strengthen investor safety. The deal was mediated by Lockton's Emerging Asset Protection (LEAP), the world's biggest independent insurance broker.

Transferring digital asset ownership to Binance Custody includes increased security from hackers and malicious elements, along with a delegation of authority. Users might avoid asset loss in the event of lost crypto inheritance, private passwords, or any other type of data loss or hack by sharing access with the custodian and delegating this permission.

This gives Scallop users much-needed peace of mind since dependable security measures have swiftly become vital for every project in this market.

About Scallop

Scallop Chain is a Byzantine fault tolerance blockchain with a core KYC & AML module included in the consensus mechanism at a protocol level. It is the world's first regulated, licensed interoperable infrastructure providing a suite of banking products to empower millions of retail & business customers worldwide.

Learn more about Scallop: linktr.ee/scallopdefibank

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Website: www.scallopx.com

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