The world’s leading cryptocurrency exchange, Binance, is now rebranding its Custody department to Ceffu. If the name sounds familiar, it’s because it takes inspiration from the popular Secure Asset Fund for Users (SAFU).
According to the official release, the purpose behind the move is to emphasize the company’s commitment to putting the safety of its clients’ assets at the forefront of its solutions.
Binance Custody Becomes Ceffu
The move will also include a transition from the existing domain for Binance Custody to a new one.
It’s worth noting that Binance Custody was once launched as a dedicated and standalone custody platform with aim of addressing the security challenges that institutions face.
The release further notes that:
While we remain committed to the ecosystem as Binance’s custody partner, this rebranding marks an important milestone in our company’s development to continue offering standalone solutions as well, including segregated cold storage, native staking, and escrow services.
As part of this rebranding, there are no changes to the terms and conditions of our services, nor to the solutions already provided to our clients.
Institutional Custody and Roadmap for 2023
As CryptoPotato reported earlier in January, Binance Custody is fully intended to allow institutions to invest and trade using cold cryptocurrency storage as a safer alternative.
Back then, the exchange noted:
Security is a top priority for institutions, who also desire the deep liqudity that the Binance Exchange offers. Binance Mirror brings th ebest of both worlds. We spent much of last year refining its operations to help our clients unlock the liqudity of their assets held in our cold storage. We’re very excited about where we are today and can’t wait to introduce our upcoming new features that will elevate Binance Mirror’s functionality even further. – Said Athena Yu, VP of Binance Custody.
Despite the turmoil in the industry, Binance appears unfazed and even expressed plans to expand its headcount by as much as 30% throughout the course of 2023.