Press release
PRICE RELEASE LABEL FoundationIt has publicly announced it had officially integratedBinance Custody will allow you to access their secure cold storage system. With this integration, LABEL’s native tokens can be kept safely as the $LBL is now supported by Binance Custody and the tokens are safely stored using their institutional and insured cold storage feature. ERC-20 and BEP-20 both allow withdrawals as well. If everything goes according to plan, the LABEL group hopes that it can expand its relationship with Binance in the future.
The beginning of a relationship
Binance CustodyAlthough it was not released until 2021, there’s still a lot of trust in the excellent level of user protection offered by this service. LABEL has been looking for a trustworthy custody service for a long time. When choosing a custody provider, security and coverage were the most important aspects. Keeping that in mind, Binance Custody indeed appeared to be the optimal choice as it uses industry-leading secure MPC (Multi-Party Computing) , threshold signing schemes, and offline key-sharing storage to decentralize fund management, all of which are vital components to ensuring the safety of users’ digital assets.
Also, in terms of insurance, Binance Custody obtained insurance from Arch Syndicate 2012 at Lloyd’s of London, which was mediated by Lockton’s Emerging Asset Protection (LEAP), the world’s largest independent insurance broker, to further enhance investor protection. A custody service’s insurance is a key factor. It provides customers with peace of mind and allows them to recover any losses.
Binance Custody can transfer ownership of digital assets. This not only provides security against hackers and other malicious people, but it also allows for delegation of authority. Sharing access and delegating authority with the custodian can help users prevent loss of assets in cases of loss of cryptographic inheritance, personal passwords or any other type of data or hack.
Binance custody: What are the benefits?
Binance Custody was the obvious choice for LABEL Foundation due to its safe cold storage. As LABEL is all about revolutionizing the music industry through Web 3.0 technology, integrating with Binance Custody provides another level of security by protecting users’ $LBL tokens with the institutional-grade digital asset management infrastructure and security features. Once again, this provides some much-needed peace of mind to LABEL’s customers as reliable security measures have quickly become mandatory for any project in this industry. CSO Hyung Soon ChoiDiscussions will take place about the possibility of further collaboration with Binance Custody or the larger Binance Ecosystem.
What does Binance Custody mean?
Binance Custody, which is fully managed and insured is widely recognized as being a premier service. The service offers fully customized solutions. It acts as a platform that provides uncompromising security, as well as an efficient user experience. This includes a configurable multi-permission system and simple customizations. Institutions and individuals can use crypto assets to manage their finances in a controlled, safe and secure manner.
The core technology behind Binance’s Custody is additionally certified to ISO 27001 and 27701, the world’s most recognized and sought-after quality control standards for information security and privacy, which is yet another reason as to why so many are actively choosing Binance Custody.
About LABEL Foundation
LABEL Foundation, a NFT-oriented NFT copyright fees sharing platform, supports investment, distribution, and advertising processes. It removes major barriers that prevent modern content production or investment and aims to end the current biased profit sharing model in this sector.
LABEL Foundation is an incubator system that aims to disrupt DeFi’s industry. It uses native technology. $LBLTo do this, the native token is an Ethereum-based governance token and utility token. You can also use the native token in various ways to support the growth of the LABEL eco-system. The tokens can also be used as payment, stake and governance entities to create the base token economy. Last but not least, contributors can claim profit via the DAO voting infrastructure. This allows them to be part of a stronger sense community, that’s actively connected with LABEL, and all it does.
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