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Binance partners with Spanish bank BBVA to allow customers to hold assets outside of crypto trading platform
Summary: According to the Financial Times, Binance is partnering with the Spanish bank BBVA to allow customers to custody assets with the bank instead of within the trading platform. BBVA, Spain's third-largest bank, has recently started providing services to Binance as one of the few independent custodians. This move aims to alleviate investors' concerns about the ...
According to the Financial Times, Binance is partnering with the Spanish bank BBVA to allow customers to custody assets with the bank instead of within the trading platform. BBVA, Spain's third-largest bank, has recently started providing services to Binance as one of the few independent custodians. This move aims to alleviate investors' concerns about the security of trading platforms, especially after the 2022 FTX bankruptcy incident. Under the partnership arrangement, traders' funds will be held in the form of US Treasury bonds at BBVA, with Binance accepting these assets as trading collateral.
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Link: Binance partners with Spanish bank BBVA to allow customers to hold assets outside of crypto trading platform [Copy]
