Binance rolls out new platform for VIP investors despite 'crypto winter'
— Regulatory — 1 min read
Binance is rolling out a platform for VIP investors as other market players hunker down in a ‘crypto winter’ The move comes as Binance's biggest rival, CoinShares, and cryptocurrency lender BlockFi reportedly plan to cut their workforces by up to 20 per cent. Binance Institutional aims to upgrade the company's offerings to high-net-worth individuals (HNWIs), family offices and hedge funds after institutional traders dumped Bitcoin at a record pace last week. The sharp decline marks the start of a “crypto. winter”, not seen since 2018, when Bitcoin dropped 80 per cent and then took more than a year to find another peak. The top five cryptocurrencies by market capitalisation have lost more than half their value Source