With a plethora of listings and associations, Shiba Inu (SHIB) is on a roll The popular meme coin has now made its way onto the Binance Custody platform.
Binance Custody, which launched in December 2021, now supports Shiba Inu (SHIB), Audius (AUDIO), Perpetual Protocol (PERP), SKALE Network (SKL), and Injective (INJ), according to an announcement published on Dec. February 2022.
What is Binance Custody?
While traditional financial institutions are required by law to act as custodians, cryptocurrencies have allowed individuals to act as their own bank and avoid counterparty risk. Institutional investors, on the other hand, often use third-party escrow services to preserve their wealth rather than control their assets themselves, due to the prevalence of crime in the cryptocurrency business.
Clients’ private keys are stored by crypto custodians, who typically provide insurance on the crypto assets they manage.
Binance Custody plans to complete its independent SOC 2 Type 2 exam by the end of the year to prove its operational security.
Binance distributes control over client cash through secure multi-party calculation (MPC). For secure storage, it employs its certified wallet solution.
Can this improve the institutional reach of the Shiba Inu?
Shiba Inu is without a doubt one of the best known meme coins. He has one of the most devoted and outspoken followers in the entire cryptosphere. Binance, the world’s largest cryptocurrency exchange, also recently announced a new staking effort for SHIB and other digital currencies with a high rate of return on investment. The platform, known as Binance High Yield Center, was announced on February 17.
With many institutions aligning themselves with the Shiba Inu, the coin’s reach is likely to improve. It will help SHIB gain the necessary traction to attract larger institutional investors and thus help propel the token to further adoption. With many financial giants entering the crypto space, Shiba Inu may be one of many coins making much needed use of developments.
At press time, SHIB was trading at $0.00002675, up 4.9%.