Crypto exchange Binance launches platform for wealth managers

Global cryptocurrency exchange giant Binance is jumping into wealth management with a new platform for wealth managers to offer high net worth individuals digital asset investments.

The platform, called Binance Wealth, allows wealth managers to easily onboard clients, make investment recommendations and retain full discretionary control, said Binance in the Oct. 29 announcement. Binance has more than 230 million users globally. 

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"Unlocking capital inflow is key to making digital assets mainstream but there has long been a lack of traditional infrastructure for the private wealth segment to gain exposure to crypto," Catherine Chen, head of Binance VIP and Institutional, said in the release. "Binance Wealth will reduce the entry barrier for more market participants to access this new asset class and help bridge crypto and traditional finance."

A recent study by EY-Parthenon found that 64% of more than 1,000 investors surveyed said they are already investing in digital assets or digital assets-related products. And 69% said they expect to increase holdings in two to three years, according to the study released in July.

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"As investors worldwide recognize the potential of digital assets, we are responding to wealth managers and their clients asking for a solution to more easily access crypto," Chen said.

The Binance Wealth platform is meant to offer a so-called white glove service to the wealthiest of clients. Wealth managers on the platform can access Binance's supported tokens and other trading products for both active and passive investor clients.