- Binance announced the launch of Binance Institutional, a new platform for institutions and VIPs.
- The services being offered include algorithmic trading and a broker program for companies looking to utilize Binance's exchange.
- The announcement comes after a rocky month for other cryptocurrency exchanges, some of which are downsizing.
Binance announced the launch of a new platform for institutions and VIP users, despite a massive crash in the cryptocurrency market.
The world's top crypto exchange said Binance Institutional will offer specialized services for high net worth individuals and institutional investors, including asset managers, hedge funds, and family offices, among others, according to a statement Thursday.
The services being offered include algorithmic trading, asset management and a broker program for companies looking to utilize Binance's cryptocurrency exchange.
After the launch was announced, Binance's BNB coin rose 5% to $241.67.
The new platform comes as the total crypto market cap has plunged to less than $1 trillion after peaking at $3 trillion last year, with top tokens like bitcoin and ethereum falling over 70% from their all-time highs last November.
But Binance CEO Changpeng Zhao has shrugged off the cryptocurrency crash. On Thursday, he tweeted "I am most bullish in bear markets."
On June 15, he tweeted that Binance is hiring for more than 2,000 positions while rival exchange Coinbase implements a hiring freeze and BlockFi slashes a fifth of its workforce.
And at the Consensus 2022 conference earlier this month, Zhao said, "If we are in a crypto winter, we will leverage that. We will use that to the max."