Crypto exchange Binance is launching a new sub-account feature for institutional traders to let them create multiple accounts under one profile.
Though the market is still under the influence of the bearish trend, it is not the reason for crypto-related companies to stop. Vice versa, it’s a good reason for them to offer their customers something new in order to refresh their interest. As Binance is doing just that.
Sub-accounts for Institutional Investors
As it has been announced, top cryptocurrency exchange Binance is launching a new sub-accounts feature for institutional and high-tier individual traders. These sub-accounts will enable institutions and organizations to register multiple trading accounts (up to 200) under one profile.
Moreover, it will be possible to adjust different levels of access and control for different accounts. Thanks to this new option, the companies’ main accounts can be used to execute control over newly-created sub-accounts and to give permissions if needed.
At the same time, each sub-account will have its own set of API limits to manage its high capacity trading. Nevertheless, main accounts will be able to freeze or unfreeze their subordinates.
The new feature includes an updated dashboard panel that offers comprehensive balance reporting, account management, asset management, order management, transfer history, and login history options.
According to Wei Zhou, Binance CFO, this new feature was designed to meet the growing demand from the side of institutional clients. He explained:
“We are seeing an influx of institutional accounts in the space and anticipate institutional demand to pick up substantially in the coming months. One of our key focuses is to provide a platform that services the needs of these clients as well as our retail users.”
To have access to a new sub-account feature it is necessary to be a corporate user or an individual with at least VIP 3 tier account. “VIP tiers will be calculated on an aggregate basis, and corresponding discounts will be applied to all sub-accounts”, explains Binance.
Meanwhile, the above-mentioned update is not the only reason to speak about Binance. As it has been recently announced, the company is going to host its first conference.
The Binance Blockchain Week is scheduled to take place n from 19th to 22nd of January 2019 at the Sands Expo & Convention Centre in Singapore. It is expected that it will gather more than 2000 visitors from all over the world, including industry-leading regulators, investors, academics, entrepreneurs, and technologists. They all will come together to discuss the current blockchain ecosystem and the opportunities for its development and sustainable growth.
The week will include not only the conference itself but also a two-day hackathon called the Binance SAFU (Secured Assets For Users) Hackathon. Its main aim is to find the most cutting-edge solutions to secure crypto assets. The winner will get a grand prize of $100,000 in BNB.