- LABEL Foundation has integrated with Binance Custody.
- Binance Custody will support the LABEL foundation and LBL tokens.
- Binance Custody will utilize its institutional-grade cold storage service to protect LABEL’s digital assets.
The NFT-blockchain platform LABEL Foundation announced its integration with Binance Custody to protect LABEL’s digital assets. In detail, being a digital custody service, Binance Custody will use its institutional-grade cold storage solution to protect and manage digital assets.
Moreso, Binance Custody will support LABEL’s LBL token by protecting it in cold storage. Additionally, both BEP-20 and ERC-20 are currently available for deposits and withdrawals in regards to LBL.
We’re pleased to announce the integration with @BinanceCustody to provide cold-storage support for $LBL token
Both @BNBCHAIN BEP-20 and @ethereum ERC-20 are currently available for deposits and withdrawals on their Custody Platform
Check the blog
https://t.co/KhkJwJl5Kt
— LABEL Foundation (@LABELFoundation) June 2, 2022
The team at LABEL Foundation stated in an announcement that they believe in Binance Custody services due to its high level of commitment to user protection.
“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,” the team added.
Speaking about the collaboration, Hyung Soon Choi, Chief Strategy Officer of Label Foundation remarked that choosing Binance Custody was a no-brainer since it provides robust institutional-grade secure cold storage.
He further added:
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.’
The Binance team officially stated that beyond providing top Multi-Party Computation based on cold storage, Binance Custody enables institutional clients to govern their asset portfolio efficiently by setting up designated authority roles.
LABEL is an unparalleled NFT infrastructure built on Ethereum Network. It is powered by LBL utility and governance token with a united goal to establish a fair profit-sharing ecosystem. Its goal is to revolutionize the music industry by hooking well-known IPs to its platform.