Binance, the biggest cryptocurrency exchange in the market, announced a new service for Asia and Latin America. ‘Binance Wealth’ aims to serve high-net-worth individuals on the platform.
The new Binance Wealth service provides a white glove service to large investors. Private client managers can add their top clients to Binance by creating sub-accounts. Cryptocurrencies can be staked or traded in the markets Binance provides, similar to traditional wealth management services.
The new service will initially roll out in Asia and Latin America due to the high adoption rate and interest in digital assets in these regions.
Wealth manager onboard their clients by providing the required KYC documents. The clients will have full control over their assets via their accounts.
The exchange releases the service at a time when institutional interest in Bitcoin and other cryptocurrencies, including ETFs, is rising.
New users will need to create a Binance account to join the service.
The new Binance Wealth will be available on Binance’s global website rather than Binance US, which may indicate it will be unavailable for US-based traders in the near future.
Binance Connect relaunched ahead of Binance Wealth
Binance Connect is a fiat on and off-ramp solution. Users can buy and sell cryptocurrencies from their Binance accounts using crypto wallets such as Trust Wallet or MetaMask.
Over 100 fiat currencies are supported, and 300 cryptocurrencies are available. To attract businesses to Binance Connect, users have 300 payment methods.
Unlike the prior version, the new Binance Connect is integrated into Binance’s ecosystem. Thus, you can easily transition between fiat and crypto without creating multiple accounts.
One of the service’s benefits is that it can be tested without paying integration fees. Integration is a simple process without technical inputs.
Binance has around 200 million users worldwide. As the biggest exchange, many Web 3 projects strive to list their tokens on the platform. New Binance listings tend to impact the tokens’ price significantly.