Binance says it has become the first crypto exchange to offer asset management solutions.
Announced on Tuesday (October 29), Binance Wealth will allow wealth managers to oversee client onboarding, make investment recommendations, and receive support during and after onboarding, similar to traditional wealth management. be able to do so.
“Binance Wealth is the first crypto exchange solution that enables wealth managers to meet the interest of high-net-worth clients for exposure to this new asset class,” the company said in a news release. “Binance is responding to the demand of the personal wealth segment who want to diversify their portfolio with the support of a trusted wealth manager.”
The offer reduces the barrier to entry for wealth managers and their high-net-worth clients seeking digital asset exposure, but the experience is “nearly identical” to traditional financial advisory frameworks, according to the release.
The service also offers exposure beyond Bitcoin and Ethereum (the two most popular cryptocurrencies), providing access to a wide range of supported tokens. Additionally, Binance Wealth supports trading and earning/staking products for clients interested in active and passive investing.
“As investors around the world realize the potential of digital assets, we are responding to wealth managers and their clients seeking solutions to more easily access cryptocurrencies,” said Binance VIP & Institutional. said Director Katherine Chen.
“Unlocking capital inflows is key to bringing digital assets into the mainstream, but the private wealth segment has long lacked the traditional infrastructure for exposure to cryptocurrencies. Binance Wealth , helping to bridge the gap between cryptocurrencies and traditional finance, reducing barriers to entry so that more market participants can access this new asset class.”
The launch comes at a time when the crypto world is seeking greater utility and visibility across financial services, as PYMNTS wrote earlier this month.
For example, Stripe recently announced that it will allow U.S. merchants to accept Circle-issued USDC through its online checkout page, reinstating cryptocurrency payments it previously suspended in 2018.
A PYMNTS Intelligence study found that 77% of merchants accepting crypto payments in 2022 and beyond do so because of lower transaction processing fees compared to other payment methods. Additionally, 32% of merchants who were expanding their use of cryptocurrencies did so because they believed it would help them acquire new customers.
“And at the heart of this new crypto payments space are not the various cryptocurrencies that have existed in this space for over a decade without impacting merchant acceptance, but instead observers and Industry participants are similarly excited about stablecoins…as USDC,” PYMNTS wrote.
See more: Binance, Binance Wealth, Bitcoin, Blockchain, Cryptocurrency, Cryptocurrency, Digital Currency, News, PYMNTS News, Asset Management, Latest Information
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