Binance's Custody Platform Receives 1,152 BTC Worth $67.42 Million

IconCryptoNewsTerminal Staff16 Aug, 2024

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Binance's Custody Platform Receives 1,152 BTC Worth $67.42 Million

On-chain analyst The Data Nerd reported via Twitter that an estimated Ceffu, Binance’s custody platform, address deposited 1,152 BTC (approximately $67.42 million) to Binance. The transaction occurred about 1 hour and 30 minutes ago and the address now holds 17,542 BTC, valued at $1.02 billion. Ceffu is a digital asset custody platform acquired by Binance in 2022. It provides secure storage and management solutions for cryptocurrencies and other digital assets. The recent deposit indicates either increased demand for crypto custody services or a transfer of funds for trading or other purposes. This news highlights the growing adoption of institutional-grade custody solutions in the cryptocurrency industry. As the market matures, investors seek secure platforms to store and manage their digital assets. Binance's acquisition of Ceffu demonstrates its commitment to providing comprehensive services to its clients and solidifying its position as a leader in the digital asset ecosystem.

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