Cryptocurrency exchange Binance has announced a partnership with Spanish bank BBVA, allowing users to store their crypto assets at the bank instead of the exchange.
Collaboration between Binance and BBVA
The cryptocurrency exchange Binance signed an agreement with Spanish bank BBVA, as reported by the Financial Times on August 8. Customers can now securely store their assets at the bank. BBVA becomes one of the few independent custodians for the world’s largest crypto exchange, holding traders' funds in US Treasury bonds accepted by Binance as margin for trades.
BNB Market Dynamics
The price of BNB increased by nearly 3% over the past 24 hours, reaching $790. The recorded lows and highs ranged between $765.52 and $790.98. Trading volume also rose by more than 25%, indicating increased interest among traders. According to popular analyst Ali Martinez, there is potential for further upside in BNB's price as it is in the discovery phase after hitting a new all-time high.
Prospects for Crypto Investment in Europe
Increased interest in crypto investments is observed in the European Union following the implementation of the Markets in Crypto-Assets Regulation (MiCA). BBVA has also announced plans to launch tokenized forms of traditional investments, such as funds and bonds, in the future. Strategies from companies like CEA Industries, 10X Capital, and Nano Labs involve holding significant amounts of BNB in their corporate treasuries.
The partnership between Binance and BBVA opens new avenues for cryptocurrency asset storage, which could enhance trust in crypto investments among traditional finance players.
