Label Foundation and LBL Tokens now Supported by Binance Custody
LABEL is an innovative NFT infrastructure built on top of the Ethereum Network, powered by the LBL utility and governance token. It aims to establish a fair ecosystem for sharing and integrating IP rights. LABEL provides a decentralized P2P incubating platform to access world-class entertainment-education content through the DAO voting system, enabling contributors to participate in the NFT shareholding mechanism.
Dear Label Community,
We are thrilled to announce that Label Foundation has integrated with Binance Custody and will be utilizing their safe cold storage solution. $LBL is now supported on Binance Custody and tokens will be securely stored using its institutional grade, and insured, cold storage. Both BNB Chain BEP-20 and Ethereum ERC-20 are currently available for deposits and withdrawals. We hope to further expand our working relationship with the Binance Ecosystem. Check the original announcement here: https://www.binanceinstitutional.com/en/support/announcements/article/121384130604060672?utm_source=PR&utm_campaign=LabelFoundation
Binance Custody and Label Foundation
Although Binance Custody is relatively young, having launched in 2021, we believe in its high level of commitment of user protection. When choosing custody services, we primarily looked at security, and insurance coverage. In terms of security, Binance Custody distributes the control of your funds with industry-leading secure multi-party computation (MPC), threshold signing schemes, and offline key share storage. In terms of insurance, Binance Custody has secured insurance with Arch Syndicate 2012 at Lloyd’s of London, brokered by the world’s largest independent insurance brokerage Lockton Companies’ specialist team LEAP (Lockton’s Emerging Asset Protection) to further strengthen investor protection.
Storage of digital assets is divided into custodial and non-custodial solutions. Non-custodial wallets allow the complete control and interaction of your assets through your private key (much like a password). On the other hand, custodial wallets allow assets to be held by a third party institution, which necessitates trust in the custodian. In other words, the benefit of transferring ownership of digital assets into Binance Custody is not only security from hackers and bad actors, but also delegation of authority. By sharing access with a custodian and delegating this authority it prevents losing assets in the case of lost crypto inheritance, lost private passwords, etc.
“Choosing Binance Custody was a no-brainer because of its robust institutional-grade secure cold storage. Label Foundation seeks to revolutionize the music industry through Web3 technology, and the integration with Binance Custody will allow us to secure LBL with the best digital asset management infrastructure, bringing another level of security. We plan to explore further strategic collaborations with Binance Custody and the wider Binance ecosystem.’’ — CSO Hyung Soon Choi
We celebrate yet another milestone with this integration with Binance Custody.
About Binance Custody
Binance Custody is fully regulated, insured, and seamlessly integrated into the Binance ecosystem. The digital asset custody service uses multi-party computation (MPC) technology to provide bespoke solutions for clients. With no compromise between world-class security and an easy and efficient user experience, the platform features a customizable multi-approval scheme, allowing institutions to operate crypto assets systematically, securely, and in a controlled fashion. The core technology of our custodial service is also certified with ISO 27001& 27701, the world’s best-known quality management standards in information security and privacy protection.
