Binance Custody recently announced official support for deposits and withdrawals for IOST, “among other tokens.”
With this, IOST joins the list of supported digital tokens in the secure, “regulated,” and insured custody service for the safekeeping of virtual assets services for institutional clients “provided by Binance UAB, a Lithuanian-registered entity.”
From now on, large institutions will be able “to securely invest in IOST and use the Binance custody service to deposit IOST tokens safely.”
This is “an essential step for IOST to partner with institutional investors, as the current Binance Custody platform is an institutional-grade virtual asset custody service specially designed to cater to corporate needs with a minimum €1,000,000 asset under custody requirement.”
Binance Custody “launched its cold storage insurance this year, which protects cryptocurrencies held in cold storage from dangers such as theft, hacks, and even in the event that someone loses a password.”
Binance Custody “includes support for approximately 500 different digital assets.” Thanks to the institutional-level security measures implemented, investors “can rest assured that their assets are stored safely and managed effectively.”
Backed by a “sophisticated” infrastructure that serves as the foundation of its platform, Binance Custody “provides secure storage of digital assets through its Qualified Wallet solution.”
Future product offerings will “include easy and convenient transactions from users’ wallets.”
This service is “backed by an insurance plan, and to prove the commitment to security.”
Binance team is also “working towards receiving the ISO27001 certification and SOC 2 report, making the service suitable for institutions seeking peace of mind.”
Backed by major financial and VC firms such as Sequoia, Matrix, and ZhenFund, IOST claims to be “a pioneering decentralized, high-throughput, gas-efficient Proof-of-Believability-powered smart contract platform built to tackle the scalability trilemma once and for all.”
The concluding ranking from China’s CCID ranked IOST as “the best blockchain platform under Basic Technology, better than every other smart-contracting platform evaluated by the agency.”
Being one of the public chain leaders in terms of adoption, performance, and utility, IOST currently “has the ever-expanding 620,000 IOST holders in over 20 countries, over 400 nodes, a top staking economy, and symbiotic relationships with corporations dotted worldwide.”