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Cryptographic exchange Binance is trying to help institutional investors with a new feature for secondary accounts.
On Thursday, these sub-accounts will allow institutions to create multiple trading accounts for each company, with different accounts that will have different levels of access and control. The main accounts of the companies will be able to control these sub-accounts, granting them the necessary permissions.
A single institution can have up to 200 sub-accounts, according to the exchange.
In addition to the different levels of account types, Binance will allow different sub-funds to transfer funds without commissions and unique API limits per sub-account, which means they will be able to operate with a higher capacity than they otherwise would be able to do. .
While sub-accounts will be able to monitor their operations, create and modify their API keys and enter their orders, the main accounts will be able to view all data, transfer funds between accounts and cancel any and all orders placed.
The new sub-account system will be based on the current structure of Binance's institutional account, with any institutions labeled Tier 3 or higher able to create these accounts.
According to a previous blog post, this means that the accounts with a minimum balance of 1,000 BNB and at least 4,500 bitcoins in the trading volume in the previous 30 days will be eligible.
Binance enters a series of other cryptic companies in seeking institutional business clients. In the United States, the BitGo security company has expanded its trust and custody division, hiring a veteran as chief executive of the new wing.
Similarly, Crypto exchange Poloniex has just launched its trading services aimed at institutional investors, offering similar API services, although it has not listed any similar sub-account functionality.
Likewise, Coinbase sought to increase traffic from institutional investors with its new countertop desk. While the desk is still being tested, the exchange plans to bring it to life in the coming weeks.
Image of Binance via Grey82 / Shutterstock
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