Scallop Integrates With Binance Custody
Scallop integrates with Binance Custody to provide additional security to Scallop users’ funds. The Binance Custody Institutional Asset Infrastructure Solution is safeguarding Scallop’s investors’ funds further.
Binance Custody provides advanced cold and hot storage security and liquidity solutions that allow institutions to conveniently and safely handle digital assets.
Scallop will liaise with Binance Custody to use its highly secure cold storage service. The integration will ramp up the existing security of users’ assets. The new integration enables direct support for the $SCLP token via Binance Custody meaning that SCLP tokens will now be supported and stored in the institutional and insured cold storage facility.
“We are excited about our long-term partnership. “We’ll be leveraging Binance Custody’s capabilities in digital asset security and institutional services to bring our cutting-edge, industry-shaping products to millions of users across the UK and Europe and help them manage their finances securely.”— Scallop CEO Raj Bagadi.
With a focus on security and insurance coverage, Binance Custody employs industry-leading secure MPC (Multi-Party Computing). Threshold signing techniques, and offline key-sharing storage, are critical components in facilitating the protection of users’ digital assets.
Transferring digital asset ownership to Binance Custody includes increased security from hackers, and malicious elements, and a delegation of authority. Users may avoid asset loss in the event of lost crypto inheritance, private passwords, or any other type of data loss or hack by sharing access with the custodian and delegating this permission.
ABOUT Binance Custody
Binance Custody is a compliant, insured, standalone digital asset custody service providing best-in-class security and liquidity solutions to institutional clients. It uses MPC technology with a customizable multi-approval scheme offering bespoke solutions that allow institutions to manage their crypto assets safely and efficiently via the Binance Custody desktop and mobile app platforms. Its core technology solution is ISO 27001/27701 and SOC 2 Type 1 certified.
ABOUT Scallop
Scallop Chain is a Byzantine Fault Tolerance blockchain. It has a core Know-Your-Customer (KYC) and Anti-Money Laundering (AML) module. Included in the consensus mechanism at the protocol level. Its regulated, licensed, interoperable infrastructure provides a suite of banking products. It includes unified global bank accounts with digital wallets, crypto cards, a centralized exchange, and DeFi earn accounts, among others, to empower millions of retail and business customers around the world.
