BounceBit is one of the leading [ccpw id=60415] restaking protocols. Today, it has announced its strategic partnership with Ceffu. It now leverages MirrorX solutions for off-exchange settlement in a major move for the cryptocurrency space. BounceBit is now able to conduct arbitrage strategies with off-exchange settlement within the world-famous Binance Exchange.
BounceBit Boosts Security and Efficiency with Ceffu’s MirrorX Solution
Ceffu’s MirrorX supports the foundation of this partnership. It allows institutional clients to place trades on Binance even without having to transfer their actual assets by using or directly delegating/undelegating through MirrorX. It keeps the assets safe under Ceffu’s custody and prevents counterparty exposure further boosting the overall security of the parties.
With MirrorX in place, BounceBit can now capitalize on every one of Binance Exchange’s features. These features include trading derivatives with unmatched liquidity and off-chain settlements at T+1. Moreover, they allow settlement of all positions to happen within a day for efficient processes. Particularly, they allow institutional clients of BounceBit to engage in delta-neutral FRAPA. This type of arbitrage strategies require regular adjustments based on BTC deposits and withdrawals requiring timely settlement procedures.
BounceBit CEO Jack Lu Praises Custody Services of Ceffu for Risk Reduction
Jack Lu, CEO and Founder of BounceBit, expressed confidence in custody services of Ceffu as he assured that off-exchange settlement significantly reduces the counterparty risk and ensures that BounceBit maintains the highest risk-management standards for its users.
Specifically, the Layer 1 chain of BounceBit is built on Ceffu’s MPC custodial services to be the fundamental backbone behind its ecosystem. In addition to this, MirrorX provides institutional fund managers with the ability to earn yield through delta-neutral FRAPA on the Binance Exchange.
Furthermore, Ceffu’s E.V.P. Ian Loh expressed the importance of partnership with innovative protocols like BounceBit in today world of crypto. He emphasizes that MirrorX has allowed for BounceBit to provide a highly efficient. However, it is an extremely secure service to empower its users.
Ultimately, the partnership between BounceBit and Ceffu is facilitated by MirrorX integration. It represents a significant advancement in enabling institutional clients to engage in arbitrage strategies. Through this collaboration, they can enhance security and efficiency of their digital assets in the cryptocurrency market.
